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Confused by mortgage 'porting'
sunshine25
Posts: 47 Forumite
Looking to sell my existing property and buy another immediately (ie complete on same day). I have a old mortgage which has been ported already so I have 2 mortgages/accounts for one property. We have £50k equity and will be looking to borrow more than our current mortgage but just wondered if it's possible to get £10k of the equity to cover selling/buying/moving fees. How does this work, or is your house equity, when you buy & sell and port your mortgage, effectively 'tied in'? Thanks in advance. Ps we would only need to retain min £30k for 90%ltv
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Comments
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You simply borrow more and your solicitor pays to you the equity you have not reinvested in your next home.
Subject to affordability etc and nothing to do with porting.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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