Portable mortgage confusion!

phoenix76_2

I’m currently in a 50% shared ownership house and desperate to move out!

I will realistically get £110k - £115k for my share, of which

£78k would need to be repay the mortgage
£13k would need to repay all other outstanding debts

This would leave me with £19k - £24k to plough into a deposit and pay solicitor/estate agent/housing association fees etc.

The mortgage I have is portable (and worth moving as it’s a tracker at + 1% (well just under) above bank of England base rate) but I just can’t get my head around how this works to enable me to work out what my ceiling limit would be for a purchase price on a new house?

Do I technically repay the mortgage on the ‘old property’ and then port the rate/amount to the ‘new property’ (£78k mtg + £20k deposit = £98k ceiling limit) – subject to me meeting current lending criteria.

Or …..

Do I get the full sale amount for my 50% share and then move the outstanding £78k mortgage over to the new property?

I was going the first one but someone challenged me about it today and the more I thought about it and tried to explain it, the more confused I got!

Could someone please just clarify for me so I know exactly where I stand.

SR1

Have just ported mine as I'm moving on Friday. You will have to do a completely new application and have to submit all your pays
Slips etc. the only thing that you are porting is the rate and term .so if u are borrowing more u will have a different rate on the extra. So it will be a completely new mortgage and u will get a redemption statement for your current which will have to be repaid on completion.