We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Moving to new house porting
Joewasherein2019
Posts: 65 Forumite
Hi there,
We want to port our current home mortgage.
Current property is valued at 280k with 100k equity.
We have seen a house we like that is valued at
930k.
We don’t want any additional borrowing.
We would make the difference up.
To port, do we have to go through all affordability again
We don’t want to borrow anymore.
The bank would have huge amounts of security on our
New home if we was to port to current deal 5 year
Fixed/ 3 years remaining. Thinking logically about
The situation.
Our provider is TSB.
P.S I really appreciate all the feedback.
We want to port our current home mortgage.
Current property is valued at 280k with 100k equity.
We have seen a house we like that is valued at
930k.
We don’t want any additional borrowing.
We would make the difference up.
To port, do we have to go through all affordability again
We don’t want to borrow anymore.
The bank would have huge amounts of security on our
New home if we was to port to current deal 5 year
Fixed/ 3 years remaining. Thinking logically about
The situation.
Our provider is TSB.
P.S I really appreciate all the feedback.
0
Comments
-
Yes everything is re-assessed, it is treated as if it was a new application.
This is due to regulation.
You are porting the product not the Lending.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 -
Joewasherein2019 wrote: »The bank would have huge amounts of security on our
New home if we was to port to current deal 5 year
Fixed/ 3 years remaining.
The property providing adequate security is a base requirement. Mortgage lending is a low margin high value business. Priced for minimal default. Lenders would prefer not to have to repossess. As a time consuming and expensive business where they don't recover all the costs involved.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards