Portable mortgage - what does it mean?

gavcradd

I wonder if anyone can help me by explaining what exactly it means when a mortgage is portable?

My wife and I bought a house for £124,950 back in 2006 on a 100% professional (we're both teachers) fixed 3 year deal with Standard Life. We're looking at moving to a different area in the near future, but to something of a similar price. We've had our house valued today and the estate agent recommends putting it on at, again, £124,950. We owe £118,000 on the mortgage currently.

Our incomes have both increased significantly since 2006 (mine has almost doubled) but being the spendthrifts we are, we've hardly got any savings beyond what would be needed for solicitors fees, etc.

What exactly does it mean to port your mortgage? Is it possible to sell this for £125,000 and buy another one for £125,000 without swapping the mortgage over? Or do I have to pay back the existing mortgage and take out a new one? If I did that though, we'd have the £7,000ish equity but that would only be enough for a £70,000 mortgage at 90%...

Any advice? I feel lost!!!

_Andy_

Porting means you carry the mortgage over to the new house- BUT it's effectively a new application so subject to today's criteria.
So unfortunately yours wouldn't be approved due to the lack of deposit.