Porting Mortgage and wish to cover all costs

Reason123

Hello


My current mortgage is with Barclays Woolwich.


I am 1 year into a 2 year fixed deal.


My mortgage is portable.


If I port my mortgage can I use equity funds to cover all costs?
IE Stamp Duty / Searches / Solicitors fees (Buy&Sell) / Estate Agent


In theory my house is worth £300'000.
I owe £180'000
The house I want is £400'000
Could I port my mortgage / Use £100'000 as deposit / Keep £20'000 to pay all fees?


Thanks

VFR-Rider

where's the other 300k coming from on the purchase then?

kingstreet

You port the rate, not the mortgage.

Your current mortgage is repaid and if you qualify for a new mortgage, the lender transfers the rate from the old mortgage to the new one with any increased borrowing offered on one of the lender's current products at the time.

I believe your question, simply put is can I take £29k of the equity for fees instead of using it towards the next purchase?

The answer is yes, as long as your mortgage borrowing power is sufficient.