Portable mortgage - what next?????

sab8878

Hi there

I have a mortgage of around £150,000 with A&L. It is a base rate + .75% and is portable so pretty good. Our flat is worth around £225,000 so we have around £75,000 deposit and our budget for the next place is £300,000. Therefore the deposit would be 25%.

My question is I would like to port the current mortgage as its good. So with the deposit that would be £225,000, leaving me needing to borrow another £75,000. Can I take out another mortgage with another bank for the extra £75,000 or do I have to get the extra money from A&L (if i get an extension with them the interest rate is not very good).

Cheers

_Andy_

It would need to be with your current lender (otherwise it would be a second charge loan)

gwapenut

_Andy_ wrote: »

It would need to be with your current lender (otherwise it would be a second charge loan)

And how is it done? I think they cannot increase the amount of money under the original deal, so would A&L offer two loan accounts, one at the cheap rate and one at today's rates?

I am in a similar position with my Woolwich tracker! Great deal, portable, but will need to borrow more .... though perhaps only temporarily cfor up to a year.

_Andy_

Yes the further advance would be at today's rates.

gwapenut

_Andy_ wrote: »

Yes the further advance would be at today's rates.

Many thanks for responding.

And if I wanted to buy the next home with someone else, whereas my existing mortgage is in my name only, could that be done by having a "joint" further advance so both names are on the deeds and both incomes taken into account? Or is that getting too complicated for the cheap-mortgage's portability clause?