help needed on a sunday

berty4

on the 2nd june i sold my house at auction completion date is 18/08/14 i have now moved into rented house but now i have found somewere i want to buy can i now buy with the mortgage i still have untill 18/08/14 completion date or do i have to reaply for a new mortgage??

ACG

You can ask your current lender if they will allow you to port it to the new property.
But that is basically a brand new application anyway, its just the rate you keep.

berty4

the rate is the reason its 1.45%

Yorkie1

If you've just found a new place to buy, the chances of you managing to complete its purchase at the same time as completing the sale of your existing property are slim.

Porting a rate usually occurs where the sale and purchase occur at the same time. You'll have to check whether, in principle, your current lender allows you to port your existing mortgage and whether there it allows a gap between sale and new purchase at all.

If it does allow a gap, then you'd need to complete the new purchase within that timescale.

As ACG says, porting is the ability to transfer the existing interest rate across to borrowing on a new property. You need to make a new mortgage application for the whole amount being borrowed (transfer and top-up), and if you pass the lender's criteria for that new mortgage, then they will allow you to port the rate on the appropriate amount.