Porting

cusso

Hello,
Was wondering if anyone can help me, My husband and I currently own a house worth around £220,000, we are wanting to move, we have a buyer, without putting the house on the market.
We were thinking that instead of getting a new mortgage we thought we would port it as we have a ok deal, as the house we like is up for sale for the same value, but when porting do you still have to have 20% or so worth in the house???
Hope that makes sence.

Thanks in advance

dunstonh

when porting do you still have to have 20% or so worth in the house???

You have to meet the current lending criteria of the lender. So, if they say the mortgage requires 20% equity then you would expect that to apply to you as well.

cusso

Thanks for that, We have over 30% in are house, but we have a 2nd charge on the house, when porting do they take that into consideration also?. Which means I would need 20%, plus the 2nd charge?

Thanks Again