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Can I??
poledancer49
Posts: 119 Forumite
Looking to downsize house and have mortgage. Can I for exmaple pay most of the mortgage off with funds from house sale and "port" say £20,000 to the new property with the aim to pay that off in 6 months. I don't want to enter into a new mortgage contract. If the answer is yes will the building society do a credit check for remaining amount?
0
Comments
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If you "port" a mortgage, you're just porting the rate - you still need a new mortgage application. Your lender will credit check you, and check the property is good security for the loan.0
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Many thanks. Should have looked up the meaning of "port" before I asked. Silly me.0
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