revtothelimit - motorbike forum

We're debating moving house in the coming year/years.

But looking online i think if we move now it starts as a 'new' mortgage and then would be at the 5.5-6.5% rate rather than the 3.0% we have for the next 5 years...
I'm assuming there's no real way around this and you can't fully 'port' over the mortgage at the lower rate ?

If that's the case then it puts a bit of a block on the plans and would mean we're staying a chunk longer until we either pay it off or the interest rate drops again...

Have a chat with your current lender and your bank.

FWIW, when we needed to remortgage Halifax, our then lender, wouldn't help (the person we met literally folded her arms and leant back away from us!).

We went two doors down to our bank, HSBC. very helpful, lower rates for customers, good advice, etc.

There's a lot of information here if you've not already seen it but the key is to talk to your lender... https://www.moneysavingexpert.com/mortg ... -mortgage/

Mortgage portability should be in the Ts and Cs and probably quite easy to locate by searching a PDF.

You only moved there last week!

MyLittleStudPony wrote: Wed Sep 20, 2023 10:21 am Mortgage portability should be in the Ts and Cs and probably quite easy to locate by searching a PDF.

The above from Dern still implies that whilst you can move/port, you're unlikely to do so in the current climate and retain your current deal. With the massive rise in interest in the last 18 months, this would make it pretty much a non-starter at the moment.

KungFooBob wrote: Wed Sep 20, 2023 10:23 am You only moved there last week!

LOL we've been in the village 16 years and this house for nearly 8.

I'm sure it's possible to move your mortgage to the new place.

Or go interest only for a while until the rates come down a but.

weeksy wrote: Wed Sep 20, 2023 10:24 am

KungFooBob wrote: Wed Sep 20, 2023 10:23 am You only moved there last week!

LOL we've been in the village 16 years and this house for nearly 8.

8 years, blimey.

I remember you moving in cos you were happy with the garage or something.

Iirc isn't the average move every 7 years.

KungFooBob wrote: Wed Sep 20, 2023 10:29 am

weeksy wrote: Wed Sep 20, 2023 10:24 am

KungFooBob wrote: Wed Sep 20, 2023 10:23 am You only moved there last week!

LOL we've been in the village 16 years and this house for nearly 8.

8 years, blimey.

I remember you moving in cos you were happy with the garage or something.

Iirc isn't the average love every 7 years.

Yup, it flies on fella that's for sure. Mrs Weeksy wants more space. I'd happily stay where we are, but i'd also love to live somewhere with better access to where me and the boy ride. The problem is, that's further away from where MRs Weeksy works, even if that's not very often, it's still a factor.

KungFooBob wrote: Wed Sep 20, 2023 10:29 am

weeksy wrote: Wed Sep 20, 2023 10:24 am

KungFooBob wrote: Wed Sep 20, 2023 10:23 am You only moved there last week!

LOL we've been in the village 16 years and this house for nearly 8.

8 years, blimey.

I remember you moving in cos you were happy with the garage or something.

Iirc isn't the average move every 7 years.

Wouldn't surprise me. We've been where we are for 23 years and I'm fucking sick of the place

Some info...

https://www.moneysavingexpert.com/mortg ... -mortgage/

I'm more than happy with my house, the next move will be aboard, dunno where or when though.

weeksy wrote: Wed Sep 20, 2023 10:24 am

MyLittleStudPony wrote: Wed Sep 20, 2023 10:21 am Mortgage portability should be in the Ts and Cs and probably quite easy to locate by searching a PDF.

The above from Dern still implies that whilst you can move/port, you're unlikely to do so in the current climate and retain your current deal. With the massive rise in interest in the last 18 months, this would make it pretty much a non-starter at the moment.

I've seen some mortgages where portability is specifically permitted in the Ts and Cs and others where it is specifically prohibited. If you're not retaining the existing deal, that is not porting the mortgage.

If it's permitted, I'd be amazed if you can't do it. If it's prohibited, I'd be amazed if the lender will let you do it (it'd be like them giving you money) but it can't hurt to ask I guess.

KungFooBob wrote: Wed Sep 20, 2023 10:34 am I'm more than happy with my house, the next move will be aboard, dunno where or when though.

https://www.rightmove.co.uk/properties/ ... l=OVERSEAS

This would suit me perfectly...

2hrs 30 to Morzine... perfect for racing/riding... pool, space... awesome.

weeksy wrote: Wed Sep 20, 2023 10:40 am

KungFooBob wrote: Wed Sep 20, 2023 10:34 am I'm more than happy with my house, the next move will be aboard, dunno where or when though.

https://www.rightmove.co.uk/properties/ ... l=OVERSEAS

This would suit me perfectly...

2hrs 30 to Morzine... perfect for racing/riding... pool, space... awesome.

That's stunning

weeksy wrote: Wed Sep 20, 2023 10:40 am

KungFooBob wrote: Wed Sep 20, 2023 10:34 am I'm more than happy with my house, the next move will be aboard, dunno where or when though.

https://www.rightmove.co.uk/properties/ ... l=OVERSEAS

This would suit me perfectly...

2hrs 30 to Morzine... perfect for racing/riding... pool, space... awesome.

I'd buy that tomorrow if I had some way or earning a wage while sat by the pool!

KungFooBob wrote: Wed Sep 20, 2023 10:44 am I'd buy that tomorrow if I had some way or earning a wage while sat by the pool!

I could sit there and it wouldn't change how i work in the slightest.

Yesterday was doing work on servers in Frankfurt, today is Amsterdam... tomorrow is UK, but i won't be going to site... i don't go to site these days.

weeksy wrote: Wed Sep 20, 2023 10:46 am

KungFooBob wrote: Wed Sep 20, 2023 10:44 am I'd buy that tomorrow if I had some way or earning a wage while sat by the pool!

I could sit there and it wouldn't change how i work in the slightest.

Yesterday was doing work on servers in Frankfurt, today is Amsterdam... tomorrow is UK, but i won't be going to site... i don't go to site these days.

Get it bought, the ad says fiber internets!

I'll take one of the five bedrooms.

KungFooBob wrote: Wed Sep 20, 2023 10:44 am

weeksy wrote: Wed Sep 20, 2023 10:40 am

KungFooBob wrote: Wed Sep 20, 2023 10:34 am I'm more than happy with my house, the next move will be aboard, dunno where or when though.

https://www.rightmove.co.uk/properties/ ... l=OVERSEAS

This would suit me perfectly...

2hrs 30 to Morzine... perfect for racing/riding... pool, space... awesome.

I'd buy that tomorrow if I had some way or earning a wage while sat by the pool!

Rent 2 rooms out on AirBnB