Porting mortgage

sukavi2011

I need new mortgage as downsizing to new property. Went to see current lender and was surprised to be told I could port my mortgage, 1st time seller 2nd time buyer.. I have a relatively small mortgage, which after porting, would leave £200k to pay on new property, my sale would enable me to pay this and still have a fair lump left,, which would be used to do home improvements and reduce some of mortgage and hopefully a bit to save, My repayments would also be reduced too. It seems too good to be true or am I likely to be disappointed or refused because of something the bank will think of because at the end of the day I am reducing what i owe.

Thrugelmir

In principle porting the mortgage results in the lender retaining your business. You'll need to meet the lenders criteria for the new mortgage though. Porting only relates to the existing terms and conditions.