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Port existing mortgage or start from scratch
iamssl
Posts: 12 Forumite
Hi everyone
We have sold our current property and have found another we would like to purchase. We need to borrow £38k more from the bank but im so confused. Should we port our current mortgage and borrow the extra, which will cost us around £150 extra per month or start from scratch and pay the early redemption charge of £2k which will cost us an extra £90 amonth on our current mortgage?
Whats the best option snd why is the second cheaper?
Thanks
We have sold our current property and have found another we would like to purchase. We need to borrow £38k more from the bank but im so confused. Should we port our current mortgage and borrow the extra, which will cost us around £150 extra per month or start from scratch and pay the early redemption charge of £2k which will cost us an extra £90 amonth on our current mortgage?
Whats the best option snd why is the second cheaper?
Thanks
0
Comments
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There are a number of potential issues on port v new mortgage cases and these need to be discussed in full with someone who knows what they are doing.
A straw poll on here will not assist you.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.0
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