Portable

Sparkle78

Can someone please explain what this is? I am looking to sell my house at a loss due to current market and wanting to buy elsewhere at a lower price. I have an Alliance & Leicester portable mortgage at present. Do I sell my house and pay this in full and then be guaranteed to get a new mortgage for the same amount?? Confused!

dimbo61

This all depends on the LTV of the deal you are signed up too.
Say you have a property worth £120,000 and want to sell and buy at £100,000 now if you have a mortgage deal with a MAX LTV of 75% then you cant transfer any more than £75,000 to the new property to keep the LTV below 75%

opinions4u

Sparkle78 wrote: »

Can someone please explain what this is? I am looking to sell my house at a loss due to current market and wanting to buy elsewhere at a lower price. I have an Alliance & Leicester portable mortgage at present. Do I sell my house and pay this in full and then be guaranteed to get a new mortgage for the same amount?? Confused!

You are not guaranteed to get a mortgage at all.

You should be able to transfer the product to a new loan if you are accepted by the lender, and assuming the loan meets the criteria for the product you are transferring.

If the debt on the new mortgage is lower than the current one, expect to pay a portion of the ERC.

Talk to your lender.

Sparkle78

It's sooooooooooooo confusing!!

_Andy_

Your other thread implies you're on a temp contract.
I'd doubt then that A&L would approve the mortgage (it's treated as a new application even if it is portable)

Sparkle78

So I sell my house and live nowhere?

_Andy_

Sparkle78 wrote: »

So I sell my house and live nowhere?

As stated on the other thread you could speak to a broker and investigate other lenders.
I wasn't suggesting you did anything, merely trying to help you by pointing out something relevant to this thread.
I'd appreciate it if you didn't get defensive with people trying to help you.

opinions4u

Sparkle78 wrote: »

So I sell my house and live nowhere?

Or rent somewhere?

Or don't move?

Are you finding it difficult to make the payments at the moment?

Are you up to date with those payments?

How much do you want to buy for?

How much do you want to borrow?

Sparkle78

I know how you feel! I am finding it very difficult with a temp contract and its proving difficult! I don't struggle to pay my mortgage, I am asking for £63,214 and I plan to spend this same amount on a new property, this allowing me to reduce other payments but not my mortgage...

julia78

I am simply wanting to move my mortgage with the same lender for the same amount but it seems you can't do this even if you have a portable mortgage as it is classed as a new application and if you have a bad credit rating, even one missed payment in these days you are very unlikely to get a mortgage. I am at the end of my teather!!

Good luck!