Transferring a mortgage

Dandelions_2

:hello:
I have an mortgage which is portable of 40,000 and wish to move to a more expensive property and needing to get a mortgage of around 200,000 on a property which is worth 485,000. Do I have to get the mortgage from my current lender or can i get one with a different lender? Therefore would I have two mortgages? I'm finding the whole thing very confusing and really need some help on what you do?

Thanks

CLAPTON

is there a reason why you don't simply pay off the old mortgage when you sell

Thrugelmir

If you port your existing mortgage then you'll need to top the difference up with further borrowing from the same lender.

If you choose a different lender then your existing mortgage isn't portable.

The reason being that all main stream mortgage lenders will require the first charge on your property.