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Port from Remortgage
lspell1
Posts: 75 Forumite
Just a request to pick the brains of some more in the know than me...
Am I able to Port my existing Residential Mortgage to a new Property whilst simultaneously completing a BTL Remortgage on my existing Residential so I can repay my existing lender.
Thanks in advance.
Am I able to Port my existing Residential Mortgage to a new Property whilst simultaneously completing a BTL Remortgage on my existing Residential so I can repay my existing lender.
Thanks in advance.
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Comments
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I don't see why not. Your existing lender wouldn't know whether the existing mortgage is being repaid by the proceeds of a sale or by taking out a new mortgage.
I don't see why it would cause a problem, but if you are at all nervous (that the lender may worry about you borrowing too much money from them for example) then have the BTL mortgage from a different lender.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thank you for your reply.
I suppose the main concern was whether my existing residential lender would put a condition in to the new Mortgage Offer stating that I needed to sell my current residential as a condition of me porting? Maybe I am just overthinking it. I would be looking at Remortgaging the BTL with a new lender regardless.0 -
Some lenders will only port from sale to purchase.
One or two will port from remortgage to purchase.
You need to ask yours.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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