porting mortage can someone explain

joey298487

we have a mortage worth 96000

we owe 91000

we have not got any deposit but thinking about porting our mortage but not sure how it works.

do i get my house valued first and the based on that that is the amount i can port.

also can you port my mortage which is 100% with that of 75% house share

any advice would be great

thanks in advance

beecher2

Do you mean you have a house worth £96k and a £91k mortage? If this is the case you only have a deposit of 5k which will not be enough to buy a new house. Say you bought a house at £120k, you'd have to port the 91k mortgae, get additional borrowing of 17k and have to come up with £12k yourself.

Not sure what the 75% house share means

kingstreet

You port an old rate to a new mortgage on a new property. You have to satisfy the lender's current criteria and loan to value conditions. Once the mortgage is arranged, your current rate can be moved over for the amount you currently owe.

Any further borrowing can be taken on one of the lender's current products.

Portability does not transfer a mortgage, or guarantee you a mortgage because you got one previously.