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Portable Mortgages
BeasleyJones
Posts: 11 Forumite
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
Thanks
0
Comments
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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 youI am a Mortgage AdviserYou 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.0 -
Not all lenders require proof of income when porting your mortgage.Gone ... or have I?0
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Thanks for info. Spoke to Mortgage Adviser today and got info required.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 you0
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