Help needed re. porting my mortgage

Serendipity76

Good afternoon,

I found out today that I owe £6k to HMRC due to one of the companies I worked for last year putting me on the wrong tax code. As I already owe £4k on a credit card and am currently unemployed having been made redundant in May (I am receiving JSA) I am thinking about selling my flat.

I bought my flat for £225k four years ago. It was valued a few months ago at £290k and I have £110k left on the mortgage which is with Alliance & Leicester. I am on a 5 year fixed repayment mortgage at 4.99% which has an early redemption fee of £3k.

My question is: am I able to port my remaining mortgage to a smaller property whilst I am not earning or will I have to sell the flat, use the money I make from the sale to buy a new property and then find any extra money needed from another (non-mortgage) source?

Any advice would be gratefully received - many thanks!

_Andy_

You won't be able to port without a job as the mortgage will be underwritten again/treated as a new application.