Mortgage porting advice

caut_1

We have been looking at moving to a new house and have just discovered the idea of 'mortgage porting' but not quite sure how it works.

We currently own a house valued between 105-110k based on recent moves in the street.

We currently owe 93k on the mortgage. We are looking at a property valued at 190k

Would porting be a serious option? Do you need a % deposit when porting?

Thanks in advance

Yorkie1

First thing to check is whether your mortgage product is in fact portable; check the info you got when you took it out.

caut_1

Yorkie1 wrote: »

First thing to check is whether your mortgage product is in fact portable; check the info you got when you took it out.

Yes it is!!!

holly_hobby

You are actually porting the existing interest rate, which may be applied to an equal amount of borrowing as at the time of redmeption (subject to status and the lenders agreement), to your new mortgage borrowing (with any additional borrowings held on a product chosen from the lenders current product range).

You will naturally need to satisfy the lenders full status and affordability checks, just as with any new application.

Hope this helps

Holly