Porting a mortgage

clairey179

Was wondering if anyone could tell me how porting a mortgage works? We've just remortgaged onto a 3 year fix, and the mortgage is portable. So how do we actually go about doing this? We're planning to buy and sell for round about the same price, so the ltv shouldn't be affected I don't think? Although the house we're planning to buy is on for a lot less than valuation (about 25k less). The purchase price will be around what we sell for. We'd probably ideally like to borrow a bit more to renovate the property/build an extension.
Can anyone whose done this already tell me how straightforward etc it is to do? And how easy it is to borrow a bit extra?
Thanks

kingstreet

When you "port" you repay your old mortgage with your lender when you sell and take out a new one with them on your new property. The rate on your new mortgage is what you had on your old one, for the remaining period of your old one.

The new mortgage will be subject to status, valuation, LTV, adherence to lender's criteria. Borrowing extra money will be subject to all the above and if you do so, the amount over and above the value of your current mortgage will be offered on a current deal, not on the one you already have.

HTH