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Porting? Combine? Transfer? Situation seeking for help
johnson8821
Posts: 1 Newbie
Hi everybody,
I am pretty sure that this is not asked anywhere else as I have spend hours to find the answer and couldn't find any. Allow me to explain:
I own two properties, A and B. Both of them are on mortgage with the same lender. I am now about to sell property A, but would end up paying a big repayment fee. I am thinking to avoid this fee by possibly porting? combining? transferring? the remaining mortgage of A into mortgage of B. Does anyone has similar experience? Is this even possible? Would love to hear from brokers, etc.
Note: after the supposed combine, the LTV ratio is about 75% which IMO, is not risky for the lender. Also, the story behind the two mortgages is quite long, so I will not explain it unless it is necessary for the case. Let me know
Thank you in advance.
I am pretty sure that this is not asked anywhere else as I have spend hours to find the answer and couldn't find any. Allow me to explain:
I own two properties, A and B. Both of them are on mortgage with the same lender. I am now about to sell property A, but would end up paying a big repayment fee. I am thinking to avoid this fee by possibly porting? combining? transferring? the remaining mortgage of A into mortgage of B. Does anyone has similar experience? Is this even possible? Would love to hear from brokers, etc.
Note: after the supposed combine, the LTV ratio is about 75% which IMO, is not risky for the lender. Also, the story behind the two mortgages is quite long, so I will not explain it unless it is necessary for the case. Let me know
Thank you in advance.
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