Porting Mortgage

phil284

Hello all,

I have an Abbey Flex+ mortgage, with £147k outstanding.

Abbey have told me I can port my mortgage across, although I understand if I buy a house worth £147k or more, I'll need to borrow against a new product (mortgage rate currently 0.49% above BOE BR - life tracker).

I'm not intending to do this, however would be good to know.

When you sell your house, do the estate agent fees come directly from the sale price, or do you have to pay them separately, out of your own funds? I.e. if the fees were £3k, and you sold for £173k, there would be £170k left that you'd see?

Does the difference between the sale price & mortgage price get put into the mortgage for you?

Thanks
Phil

Typhoon2000

Your agent will send you an invoice after your sale is completed. You pay them directly, nothing to do with your solicitor or your proceeds.

happybroker

in all the sales I have transacted for myself and clients (and I used to be an investor) I have never seen EA's commision paid directly by the client, it has always been paid to the EA by the solcitor on completion from the sale proceeds.