downsizing to reduce mortgage

gemmacots

Hi, I am thinking of downsizing from a 3 bed detached to a 3 bed town house with 3 stories (so feels larger than my detached to be honest!) If my detached sells I will have around £165.000 cash due to a large deposit I paid initially. My question is: The new house I am looking to purchase is selling for £280.000 and I want to put an offer in for £240.000 approx. so I would need a mortgage for around £75 as I would put down the £165.000 as a deposit so I can eventually be morgatge free (hopefully!)
I am just wondering if I could just move my current mortgage over to the new property or is this not possible? If not, if I were to change mortgage lenders, would it make it easier to get a new mortgage with such a large deposit or does it not make a difference? I am self employed and am doing this to reduce my mortgage as my income is not as good as it used to be. I am worried in case in the current market, they would not give me another morgatge. thankyou for any help

GMS

Speak to your current lender and see if you can 'port' the current mortgage to a new property.

Porting would be subject to meeting criteria at the time. How long have you been self employed for? How many years accounts do you have? What sort of profit do they show?

A new mortgage lender would need to see affordability proven so accounts would be needed for this too

gemmacots

Thankyou for that, I will ask my mortgage lender about the porting idea, see what they say, Do you know if the "port" is standard for all mortgages or are there any cases in which they would not be able to port the mortgage. thanks