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Porting question
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Prestonion
Posts: 16 Forumite
Hi
I have a meeting with tsb on Friday to discuss my mortgage options
I currently have a 112k mortgage on a house valued at 140k with 2 years remaining... 3k erc
We are close to having a property put into our name which my mother in law has kindly stumped up the cash to buy while we work on the property and have our home to live in.
On the sale of our house will we be able to port our mortgage over to the new house to repay the mother in law?
New house 120k purchase... With value of 180k upon restoration
Thanks
I have a meeting with tsb on Friday to discuss my mortgage options
I currently have a 112k mortgage on a house valued at 140k with 2 years remaining... 3k erc
We are close to having a property put into our name which my mother in law has kindly stumped up the cash to buy while we work on the property and have our home to live in.
On the sale of our house will we be able to port our mortgage over to the new house to repay the mother in law?
New house 120k purchase... With value of 180k upon restoration
Thanks
0
Comments
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Not if the house has gone into your name within the previous six months, that is against TSB rules.
To remortgage you need to have held the property for six months unless you have inherited it.
You should check this point with TSB before you waste a trip on Friday.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thank you for the response
So if we sold our house after 6 months due to taking time to renovate extend the property would the port be possible.? She's not in a massive rush as long as she gets it back
Solicitor mentioned putting a charge on new house so we would legally owe mother in law the 120k0
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