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In the UK, the act of 'porting' a mortgage is moving your existing mortgage deal onto a new property. I currently have 3 years left of a 5 years fixed mortgage on my property at 2.69% interest rate - which is much better than the current interest rates in the UK which are around 5-6%.

I want to purchase a home with my partner, which would be considerably more expensive than my current property.

For example, lets say my home is worth £175,000 and I currently owe £125,000 on my mortgage, meaning I have £50,000 in equity in my home.

If my partner and I wanted to buy a house at £400,000; could I use my £50,000 equity, port the £125,000 remaining balance at 2.69% and get another mortgage for the £25,000 difference for my £200,000 (50% of the price of the home)?

Even if the £25,000 is at the current rates of 5-6%, because the £125,000 is at the lower, 2.69% interest rate, this should work out cheaper, even if there are additional setup fees for the £25,000. My partner would be in a similar situation for the other £200,000 of the property purchase price and they have their own property and mortgage.

So could I port my current mortgage rate, borrow more and purchase with my partner and keep my current deal?

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    You were OK (I would guess) up until "My partner ... they have their own property and mortgage". Generally speaking, lenders very much want the people named on the deeds to be exactly the same as the people named on the mortgage. One property with two mortgages from different lenders with the same people on both... I just don't know if this is going to work. Get advice from a specialist conveyancer, I'd say.
    – AakashM
    Commented Dec 9, 2022 at 11:27
  • Thanks for the comment. If the lender want the people named on the deeds to be the same as the mortgage, would putting my partner on my mortgage and myself on my partners mortgage before purchasing the new property solve this issue?
    – Jsk
    Commented Dec 9, 2022 at 11:51
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    I don't know that either lender would be happy with another lender also having a mortgage on the same property. In principle first charge and second charge mortgages are possible, but I don't know that any residential mortgage lenders do these
    – AakashM
    Commented Dec 9, 2022 at 14:02
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    My experience from having done this is that porting a mortgage isn't really a transfer of anything; it's closer to creating a new mortgage that happens to have very similar terms and conditions to the old mortgage. The process is (or was for me) almost identical to a new mortgage application - which meant that I was able to add my partner, and increase the loan amount. But in any case: ask your bank. And there is no way you can have more than one mortgage on a property except in very, very specific cases. Commented Dec 9, 2022 at 15:29

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In my experience, although some time ago, yes, you can do this, but it would be a second mortgage (they called it "sub-account") with the same lender.

Unlike some European countries, UK lenders will not allow/agree to multiple prioritised charges from different lenders on a residential property, so it would be with the same lender.

The names on the second mortgage would match the house deeds; I cannot remember if they changed the names on the first mortgage in my case.

If considering a fixed rate for the second, it likely makes sense to try to match the fixed rate term expiry of the two mortgages, so you can more easily remortgage/only pay one fee if you refix.

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