Portable Mortgages

BeasleyJones

we are thinking of moving house and have at present a portable mortgage. Can anyone tell me if the amount ported to the new mortgage is the outstanding amoun or the initial amount.

Thanks

herbiesjp

The outstanding amount.

It is however treated as a new mortgage and therefore fully underwritten like a new mortgage, so they will need proof of income etc. IF your circumstances have changed i.e. lower income, adverse credit, they may not agree to port the mortgage for you

dmg24

Not all lenders require proof of income when porting your mortgage.

BeasleyJones

herbiesjp wrote: »

The outstanding amount.

It is however treated as a new mortgage and therefore fully underwritten like a new mortgage, so they will need proof of income etc. IF your circumstances have changed i.e. lower income, adverse credit, they may not agree to port the mortgage for you

Thanks for info. Spoke to Mortgage Adviser today and got info required.