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
Porting a mortgage for new home help?
KevinD83
Posts: 7 Forumite
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
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
0
Comments
-
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.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
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