porting to buy parents house

samgood2k6

So in a nutshell I have a £94000 mortgage left, and the house is worth £124000 (£30000 equity) can I port this mortgage to.my fathers house? Basically his house is worth £150000 but he is willing to sell.me it for what I get for mine, is this allowed? Plus I am pregnant so I am not earning as much as I was when I first took the mortgage but my partner helps me pay so have never missed a payment, I have read about porting, and read about selling then buying but I wouldn't get.a mortgage on what i earn right now so looking for some on advice on whether I could move my mortgage across and get my fathers house and he would have the money to move on. Any help.would be great or directions on where I can get advice
Thanks

kingstreet

Porting is moving a rate from an old mortgage with one lender, to a new mortgage on a different property with the same lender.

You have to satisfy the lender's criteria, affordability and loan to value requirements to qualify for the new mortgage before you can port.

Porting isn't moving a mortgage without evidence of income or affordability as some people think.

Your father can sell you the property for any figure he chooses, although if he needs social care in the near future the council may make a claim of deprivation of assets.

Dave_Ham

Just to add to above, a product transfer is what you refer to and this as Kings said is staying in the same property and obtaining a new product.

This would need to be a new homemover application. Additionally some lenders will have an issue with buying a parents home, especially if you do not declare and they find out..

Good luck....