confused about porting a mortgage and refinancing - please help !!

aween

northern rock on the btl and c and g on existing mortgage

Thrugelmir

How are you going to fund the balance of the purchase price on the new property?

kingstreet

You need to sort out your terminology and what things mean.

Portability is transferring the rate from your old C&G mortgage to a new C&G mortgage on a new property.

You cannot transfer a mortgage from one property to another.

If a BTL lender has agreed to lend you £350k, is that based on the realistic rental income of the property? If it is, the £350k will replace your existing C&G mortgage, leaving you £90k deposit for your new purchase.

If you are buying at £610,000 you will then need a £520k mortgage. If C&G will give you this new mortgage and will port over the old rate (despite you not actually paying off the old mortgage to move house) you'll have the first £260k of this new mortgage on the old rate and the £250k difference on whatever rate C&G is offering today.

If C&G won't port the rate, you may be better off approaching a new lender for the new mortgage on the new property.