Mortgage Porting

getmore4less

theatrelights wrote: »

Family consists of 4 children

Selling up at btm of market will cause loss of c.£100k compared with 2007 value. Is there any way to avoid this as banks caused loss in the first place.

Like busines houses go up and down in value

I had some shares that lost a lot but they were paid for.

Bottom line is servicing the debt.

If the business does not produce the income you need to reduce debt.

Selling is an easy solution.

Sounds like your business was under capitalised.

silvercar

theatrelights wrote: »

Family consists of 4 children

Selling up at btm of market will cause loss of c.£100k compared with 2007 value. Is there any way to avoid this as banks caused loss in the first place.

Selling now just crystallises your losses. I imagine that with four children, a decent sized property would also be quite expensive to rent.

If selling is not a good option then you need to reduce expenditure, either business or personal. Other parts of MSE may offer help with this.

tr8

getmore4less wrote: »

Can you just borrow more than you need and buy a slightly more expensive place,

Get the new borrowing on a very short term.

Its not that We need more or less money, we do have 20k+ in savings if needed, its more that they wont let us take the mortgage with us to a new house, but to start a new one, that will be nearly 3% more than we pay now, and the mortgage says its portable, is there any way to make them let me keep my current one in the move?

jill2002

tr8 -


You can't port your existing deal due to Abbey's system constraints, but they will allow you a similar (if not better deal) on a product called PORT8 ( I think thats the code) go into your local branch - they should know this and arrange your new mortgage for you :beer: