Porting a mortgage help!

[Deleted User]

I have a mortgage for roughly £72k on my flat. I hope to sell it for £87k and have savings for fees and stamp duty etc. Am looking at properties for £150k and ideally would like to port the £72k over as its an excellent rate, and get a new mortgage for the remainder.

I'm so confused how it all works though, if I get a new lender for the rest, how much will they lend me, will it be 90% of the property price say £135k (£150k-£15k) less the £72k I'm porting over?

Cam someone please explain how it would work, with borrowing from the same lender and also a different lender.

Thrugelmir

Porting can only be with your existing lender.

If you are looking for a 90% LTV mortgage then unlikely your lender will agree to the port.

[Deleted User]

I'm with Santander and HSBC told me I could port that mortgage to another property and then borrow the rest from them?

Simon_gloster

No, only santander will let you port and the top up will be from them.

holly_hobby

You port the mortgage rate, at the lenders discrection, NOT the underlying borrowings it applies to.

So, your mge will be a complete new application on 135k, subject to status and underwriting on the total amount reqd, of which (if agreed), 72k of this amount will be placed on your current mge product with the residual on a product from their current portfolio.

If porting a mge rate, this is obv all done with your current lender.....

Hope this helps

Holly