Little unsure how porting and needing more would work

Fliss_M

I am getting way ahead of myself here so bare with me.

In the next few years we will be looking to move as we (myself, dh and DD) live in a 2 bed, its already starting to feel cramped & theres plans for No. 2 and thoughts of No. 3:eek:. I am looking ahead now as we would need to save 19k-21k for a 10% deposit (am currently looking at anything extra we get over the current mortgage as surprise bonus as it was a new build when we bought with a 95% mortgage)

So to the mortgage. We currently lucked out as the fixed term ended march 09 onto a life time tracker of BOE+0.99%. Now no matter what the BOE does I dont see us getting a better deal then that on a 90% LTV. So I would want to port the current mortgage to a new house and take out another mortgage for the difference.

I have called my lender to ask about porting to a 90% LTV as we have currently just come back to 100% LTV which they couldnt see a problem with but I forgot to mention needing extra with another mortgage etc. (it was a spur of the moment call rather then a well thought out one)

Is that possible? How does that work? Is it seen as a 2nd mortgage as it looks black and white 2nd to me but all 2nd mortgage talk I've seen refers to needing the cash for a "dream hol" or a new kitchen etc.

Thanks.

getmore4less

If you port the existing deal then you will need to use the existing lender for any extra borrowing.


THis will most likely take into account their current lending criteria so have a look at what deals they have at your LTV target.

Many lenders have a "I am moving and whant to borrow more" section on their web site.

Which lender is it?

Fliss_M

Ah right, I see. Thanks.

Am with A&L but since they got taken over by Santandar their mortgage section on their site is naff. They want you to call in which I dont really fancy when your talking hypothetical. But at least I know where I stand now. Makes planning a little easier.

Cheers