is this complicated scenario doable?

Rubyspearl

looking for some advice if possible
i have a property i am in the process of selling (early stages) mortgage 1
i have purchased another property (latter stages) mortgage 2 (to avoid a bridging loan)
i am hoping to port my mortgage across from property 1 to property 2 when the sale of property 1 completes but am unsure as to if this is doable as when my sale completes i will already have a mortgage on the second property with a different lender.
My solicitor is unsure about this and says that normally porting a mortgage only happens when sale of one property and purchase of another happens at same time
The reason i want to do this is that the rate on mortgage 1 is significantly favourable to that of mortgage 2
anyone done this?
many thanks

beecher2

I'm pretty sure it isn't possible to do this.

hcb42

cant you simply coordinate the exchange/completion dates between the two properties?

Many porting criteria require this, otherwise mortgage 1 rate will die the day that mortgage is repaid.

In effect you need a mortgage 2 for the short period in between - which is not really an option anyone wants to lend on under normal mortgage criteria.

Thrugelmir

Porting requires the concurrent purchase of a property to effect the transfer of the mortgage. You are proposing to remortgage as you already own the other property by then. Your current mortgage lender will no doubt happily decline your application.

Rubyspearl

thanks for the replies!
sounds like a no go then - will have to stick with mortgage 2 then when we sell property 1

hcb42

Rubyspearl wrote: »

thanks for the replies!
sounds like a no go then - will have to stick with mortgage 2 then when we sell property 1

can't you get the dates to coincide...? It doesnt seem like you are miles away in the process...

Rubyspearl

no - complete on purchase next friday. Offer to be accepted on my sale of property tomorrow.
cheers

hillcats

Also, what tie-ins apply to mortgage 2?

Rubyspearl

no tie ins at all

anselld

Port the mortgage as soon as the purchase completes and simultaneously remortgage the for sale property. Pay off the newer mortgage on completion of the sale and retain the ported one.

Thrugelmir

anselld wrote: »

Port the mortgage as soon as the purchase completes and simultaneously remortgage the for sale property. Pay off the newer mortgage on completion of the sale and retain the ported one.

Achievable within a week?