porting mortgage

samlee0211

Hi

i have offered on a house 15k cheaper than mine, what happens to that 15k when it comes to my mortgage, would i be able to use it for home improvements as it needs some work, new windows and refurbishing

glentoran99

There is no 15k, you would just owe 15k less than you do now

HappyMJ

I have no idea what your mortgage provider would say. Why don't you ask them. You might need to pay a little off to maintain the LVR so you might not get the whole £15k in cash.

i.e current house £200k 75% LVR mortgage with £150,000 outstanding and you buy another house at £185k...they might only allow a £138,750 mortgage. You would have to pay down £11,250 off the mortgage. You can keep the rest.

As long as your circumstances haven't changed and your mortgage provider allows it yes you can use the money for any purpose you want.

samlee0211

mortgage is currently 117k, house sold for 200k, new house will be 185k but needs a lot of work, looks like my mortgage will go down to 102k then i can borrow a additional 40k for the renovations, finances are better now than 3 years ago when we bought, just weighing up options, mortgage is fixed for another 3 years at 5% and has a 5k fee to get out of it so possibly not worth looking for a better deal