Port Existing Mortgage and add 20-50k

Beancounter

We currently have a mortgage balance of around 20k on a tracker 0.75% above base.

The is portable so would it just be a case of taking out another mortgage to make up the difference in the new house price and keeping the 20k on a separate mortgage? I think we will need another 20-50k depending on what we buy.

RavingMad

Hi

As long as you're staying with the same provider, I would think that wold be the case

kingstreet

You port the rate from the old mortgage to a new one with the same lender if you pass the lender's current status, affordability and valuation requirements. Any increased borrowing is offered on one of the lender's current products.There is no guarantee that because the lender lent to you previously it will wish to do so again.

A mortgage is the security, the deed which ties the homeloan to the property in question. When the property is sold, the proceeds are used to repay the homeloan so the mortgage can be discharged.

A new homeloan is then taken for the new purchase and a new mortgage ties the property and the homeloan together.

A mortgage cannot be transferred from one property to another, but a rate can be transferred from one homeloan to another.