porting my mortgage

sibod2002

hi

i have a mortgage with halifax and we are thinking of moving home before our current deal runs out and i am just asking your advice on whether porting my mortgage would be an option.

my original mortgage was for 90k and i currenty have 15k equity in the property. i have seen a house for 125k so basically was wondering if i were to port how would it work?

thank you

beecher2

You'd put down 15k as your deposit (assuming you have money set aside for fees), would port the 90k (or whatever the amount outstanding is) and ask for additional borrowing of 20k. All subject to present lending criteria.

sibod2002

hi thanks for the help..we have only had the house a couple of months but my girlfriend cannot settle which is why we arelooking into moving.would i be correct in thinking we have to have owned the house for at least 6 months before we can sell?thanks

getmore4less

2 months and moving, throwing money away.

move into rented in an area before you buy and end up moving every 6 months.

or option D.

beecher2

Phone the Halifax and ask them - only they can tell you.