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Advice Re: Porting my mortgage please??!!
nknash
Posts: 24 Forumite
Hi,
I am looking to sell my property and port my mortgage across to my new purchase as I am still tied in for a year, and was hoping for some advice about porting mortgages.
My original mortgage was for 157k it (unfortunately) included Higher Lending Charges and arrangement fees totalling about 3k so my total loan is 160k.
What Iwas hoping to find out is how much I will be able to raise from my property if I was to sell it for 180k, would I in effect have to repay the total mortgage including these fees that were added releasing 20k before porting over to my new property. Or will the fees just get carried over and added on to the new mortgage meaning that I can get 23k out of the property?
I hope that makes sense and any help would be much appreciated.
Thanks!
I am looking to sell my property and port my mortgage across to my new purchase as I am still tied in for a year, and was hoping for some advice about porting mortgages.
My original mortgage was for 157k it (unfortunately) included Higher Lending Charges and arrangement fees totalling about 3k so my total loan is 160k.
What Iwas hoping to find out is how much I will be able to raise from my property if I was to sell it for 180k, would I in effect have to repay the total mortgage including these fees that were added releasing 20k before porting over to my new property. Or will the fees just get carried over and added on to the new mortgage meaning that I can get 23k out of the property?
I hope that makes sense and any help would be much appreciated.
Thanks!
I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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Comments
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Arrangement fees and the HLC are money spent when you take out the mortgage. They are added to the loan so that you can pay them off over time. They contribute to the outstanding balance, so yes you have got £160k outstanding in your example. If you sell for £180k you will have £20k equity to take to your new property; though don't forget selling costs like estate agents fees.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Who is your lender?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote: »Who is your lender?
Sorry for my late reply, I have had not had internet access over the weekend.
My Lender was originally GMAC and this has now been sold off to Bright Finance.
ThanksI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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