Moving home and Porting Mortgage

ksp830

Hi

We originally took out a 60% LTV deal and want to port the mortgage to a new home. I need to borrow more to cover the cost but unsure if it will also be at 60% or if it will be at 70% as that is what it would work out as if we were to take a new deal?

dimbo61

You took out a mortgage deal at 60% LTV and if you move home and want to borrow more you need to either pay a Lump sum in or Hope your existing property has increased in value.
You want to port your existing deal !
Rates have changed greatly in the last 2/3 years
Are you still in a fixed rate deal at the moment

ksp830

Yes, there is 3 years remaining and have made £50,000 on the sale of our property.

Thrugelmir

The additional borrowing will be charged at a rate applicable at the time. i.e. the new LTV.

ksp830

So does the new LTV include the ported and additional borrowed against deposit or additional borrowed against ported and deposit?

Thrugelmir

The LTV is based on the total amount borrowed. The ported element by it's very nature will retain the current interest rate. The top up will be at the appropriate rate.