Porting - some questions

rlc22

Ok, so I understand that when I sell my flat I can port my mortgage of £93k across to another property and then top it up to £200k by borrowing another £107k on another product.... Is that correct?

Also, my current mortgage is solely in my name, but when purchasing the next property my fiance and I will be jointly on the mortgage. Will my lender (A&L) let me add him to the existing plus go joint on the "top up" part? Are they likely to charge to add him on?

Thanks!
Rach

JoeK_3

rlc22 wrote: »

Ok, so I understand that when I sell my flat I can port my mortgage of £93k across to another property and then top it up to £200k by borrowing another £107k on another product.... Is that correct?

Technically yes but it will be subject to new underwriting.

rlc22 wrote: »

Also, my current mortgage is solely in my name, but when purchasing the next property my fiance and I will be jointly on the mortgage. Will my lender (A&L) let me add him to the existing plus go joint on the "top up" part? Are they likely to charge to add him on?

Thanks!
Rach

Again, this is subject to new underwriting on both the old loan and the new.

The solicitor will be responsible for adding your fiance's name to the mortgage but you will be applying in joint names anyway.

JoeK