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Understanding porting a mortgage
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You can't transfer a mortgage from one property to another.
Your current mortgage is repaid on sale. You apply for a new mortgage which starts as you complete your new purchase. Porting is the ability to move your old rate to that new mortgage.
Why is the 75% limit being mentioned? I suspect the broker is going to try to circumvent the income rules by applying for a buy to let product. Is this the case?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Even if they tried pulling a fast one, I'm fairly confident that you cannot port from a residential property to btl. BM will find out soon enough.0
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Only my broker can speak to them about a new product0
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The applicant believed porting was something different to what it is. Now, the question of porting takes a back seat to being able to get a mortgage at all.Simon_gloster wrote: »Even if they tried pulling a fast one, I'm fairly confident that you cannot port from a residential property to btl. BM will find out soon enough.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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