Porting 2 mortgages to one property??

Engeroosi

I have 2 residential mortgages, both on fixed rate, one I have permission to let it out.

Would it be possible if I sold both my home and the flat I rent out to port both mortgages to the purchase of one property, therefore both would run side by side against my home. I wouldn't need any extra borrowing.

silvercar

Are they with the same lender? If not then it won't be possible as both lenders would require a first charge on the property.

Conrad

Impossible. You can in theory port one mortgage only, and of course will be treated as an entirely new application in case you are out of work now.

Engeroosi

I am in work, don't know why that was said. They are not with the same lender. So no chance. oh well thanks for the advice.

Thrugelmir

Engeroosi wrote: »

I am in work, don't know why that was said.

As an example. A port is not merely a transfer as often people believe it to be.

herbiesjp

Engeroosi wrote: »

I am in work, don't know why that was said. .

Porting is treated like a brand new application and assessed on the basis of current lending policy/criteria.

So if anything has changed either with the lender, or your own cirucmstances, you could find they would not even agree what you have currently got.