Porting a mortgage. Deposit?

hcnim

Hello, longtime lurker, first time poster.
We'll currently be looking for an extra £30k on a £115k mortgage, which I believe means porting our original mortgage over and starting a new one for the additional amount of borrowing. The question I'd like to ask is when porting a mortgage (with Nationwide) will we be expected to pay a deposit on the extra £30k lending, seeing as it will be a separate mortgage?
Theres no mention of it so I'm hoping that it won't be needed.
We have paid about £13k of our original mortgage and are expecting around £13k-£14k profit on it.
The extra £30k for the new house roughly equates to 20% of the total value of the house.

Sorry if this is a stupid question, but it just seems like there's so many hidden costs in moving!

Many thanks for any replies

payless

First point - If total borrwoing on new property would be less than 90% of property valuation/ pp then no worries
All things being equal they will let you port , and tag on the extra borrowing on a new product ( its still one mortagge but quote clearly shows the 2 elements )
( take care in trying to match penalty periods/ and calcaulate the benefit of this topup - whether worth paying fees or not to get different rates.

If above 90% then post more info on sale/ purcahse amounts

hcnim

Payless, many thanks for your swift reply, it's much appreciated.
The house we wish to buy will cost £158k and we've currently paid off £13k of our £115k mortgage. On top of this we will be looking to make £13-14k profit on the sale of our current property.
So, if my figures are correct we should have a total of £26-27k equity, which would be approx. 16.5% deposit..... I think!
Based on this we wouldn't need to stump up any deposit on the extra £30k we wish to borrow then, am I correct in this assumption?

Thanks again!

payless

As mentioned so long as new mortgage is below £142K assuming £158K val/purchase , all should be find.

Even at £150K (95%) it should go through but can be a bit messy
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work on what you currently owe ,I assume thats £102K ( £115- 13K) , and take that ( and any other costs you need to cover ) off what you sell for .

You look safe, so long as you have the right actual debt owing fifure (£102K), and its not £115K.

Sorry if confusing , different people look at these things in a different way , and therefore not always easy to explain in written form

hcnim

Yes, as stated we currently owe £102k so should have enough for the top up mortgage. Many thanks for your help Payless, as stated earlier there are so many unforeseen costs associated with moving and having to scrape another deposit together was something I thought might happen, considering the topup is in effect a separate mortgage.

Thanks again for your clarification, it's been really helpful and much appreciated
hcnim.

payless

No problems , hope all goes well