Porting a mortgage for new home help?

KevinD83

Hi all,hoping for some answers as i have no idea with most mortgage stuff.

Upshot is that we bought our first home over 2 years ago at a cost of 127k and we are looking into moving to different area that would cost between 260 - 300k

Our house is valued at 140k, we have just over 2 year left on our recent 3 year fixed rate mortgage with Virgin Money and owe just over 100k and our mortgage is portable.

How does it all work in simple terms if we sold out house at 140k and want to buy another at 300k

kingstreet

Your current mortgage is repaid from the sale of your current home.

You apply for a new Virgin Mortgage for the amount you need for the new purchase which is the purchase price less the equity you will have left after repayment of the existing mortgage.

You will "port" the rate from the old mortgage to the new one, taking any increased borrowing on one of VM's new/current products.