remortgaging and then porting

ollski

Hi I currently have a property I have refurbished and put on the market for 160k, the current mortgage is 100k with no penalty for repayment. Can I remortgage it on another fixed term at a 70% rate for a few years and then port it when I sell to fund another purchase on a 300k property with a 10% deposit?

Thrugelmir

Unlikely that a lender would port the terms across to a mortgage based on a 90% LTV.

Porting is subject to underwriting criteria at the time of application. So should never be relied upon as a given.

ollski

I'd never heard of it tbh, my existing lender (principality) made me aware asking if I would be porting my current mortgage over.