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CASH BUYERS BEWARE when porting mortgage

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  • amnblog
    amnblog Posts: 12,730 Forumite
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    plunt wrote: »
    is there no way you could potentially sell the property to a family/close friend or even just sell a portion of the property and then buy it back. if you could sell just enough of it to stay under the stamp duty threshold... Though no idea about the legality of this plan !

    what are you smoking?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Izzy2013 wrote: »
    It's crazy and they have totally moved the goal posts on us..

    The lender hasn't as the rules on porting are well established. Lenders will be rigid in this regard. I would imagine that you got the right answer to the question you asked.
  • mrginge
    mrginge Posts: 4,843 Forumite
    plunt wrote: »
    is there no way you could potentially sell the property to a family/close friend or even just sell a portion of the property and then buy it back. if you could sell just enough of it to stay under the stamp duty threshold... Though no idea about the legality of this plan !

    This is the kind of creative thinking we need in this country.
  • antrobus
    antrobus Posts: 17,386 Forumite
    mrginge wrote: »
    This is the kind of creative thinking we need in this country.

    That is the kind of creative thinking we have in this country. We have entire industries devoted to that kind of 'creative thinking'.:)
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    Izzy2013 wrote: »
    bought the house with some family leverage on a cash basis so we didn't loose the property.

    What's that in English?
    Free the dunston one next time too.
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
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    You will have to wait six months before you can remortgage the property you now own outright.
  • haras_nosirrah
    haras_nosirrah Posts: 2,208 Forumite
    Should be able to product switch with same lender but they won't keep their cheap tracker
    I am a Mortgage Adviser
    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.
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