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  • FIRST POST
    • the_estimator
    • By the_estimator 8th Jan 18, 10:41 AM
    • 2Posts
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    the_estimator
    Porting a mortgage and equity
    • #1
    • 8th Jan 18, 10:41 AM
    Porting a mortgage and equity 8th Jan 18 at 10:41 AM
    I am looking to port my existing mortgage to a new property and have a query regarding the equity within my current home.

    Existing mortgage - £120,000
    Exisitng property valuation - £130,000
    Outstanding balance on mortgage - £92,000
    New property cost - £270,000

    My question is, would it be possible to port my existing mortgage of £120,000 into the new property and take out the remaining £10,000 that I would make from the sale of my existing house?

    Any advice would be greatly appreciated.
Page 1
    • kingstreet
    • By kingstreet 8th Jan 18, 10:53 AM
    • 32,596 Posts
    • 17,547 Thanks
    kingstreet
    • #2
    • 8th Jan 18, 10:53 AM
    • #2
    • 8th Jan 18, 10:53 AM
    Not how porting works.

    Your existing mortgage is repaid from the sale proceeds. You apply for a new mortgage from your existing lender for the full amount you need to borrow.

    The rate from the old mortgage is transferred to the new mortgage on completion day, with any increased borrowing offered on one of the lender's current products.

    The amount of the deposit from the residue after the mortgage is repaid is up to you.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • the_estimator
    • By the_estimator 8th Jan 18, 11:16 AM
    • 2 Posts
    • 0 Thanks
    the_estimator
    • #3
    • 8th Jan 18, 11:16 AM
    • #3
    • 8th Jan 18, 11:16 AM
    Ah, thanks for the response

    The amount of the deposit from the residue after the mortgage is repaid is up to you.
    Originally posted by kingstreet
    If this being the case could I not put down a 10% deposit on the new property and withdraw the remaining balance?
    • kingstreet
    • By kingstreet 8th Jan 18, 12:27 PM
    • 32,596 Posts
    • 17,547 Thanks
    kingstreet
    • #4
    • 8th Jan 18, 12:27 PM
    • #4
    • 8th Jan 18, 12:27 PM
    Whatever money you have left over when the mortgage is repaid is yours. You can do what you want with it.

    If this means you need a bigger mortgage for the next purchase, that's fine. Subject to affordability etc.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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