Mortgage Porting Help

ian21

Hello All,

Wonder if you can help with a dilemma!

We are due to move from the South East back to our native North East early next year so are about to put our house on the market.

The house was bought for £289k in Sept 2006 and we're likely to get £249k for it now.

At the time we put about £35k equity into the property meaning our mortgage is now £249k so we'll break even when the house sells.

This obviously means we've got no equity to take put towards the new house.

Now, my question is this, would our lender (Halifax), who have said our mortgage is portable, be prepared to let us buy a new house (circa £200k) with a lower loan amount (ie: they'll be lowering their exposure as we need to lend less) or would they insist on a 10% deposit?

Help Help Help!

Thanks

Ian

_Andy_

You would need a sufficient deposit.

becominganobsessivesaver

I know with Woolwich you need an 85% LTV to port your mortgage (that was for an original 95% LTV)

ian21

Thanks for your replies.

How would that actually work - would Halifax treat the new property as a 'new mortgage' in respect of the deposit?

Cheers again.

Ian.

_Andy_

Any porting is treated as a new application