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Need advice on porting mortgage 😊

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Hello! Any advise would be appreciated 😊

Bought house a few years ago for £185k, deposit was £30k and currently have £136k on mortgage. Would like to port mortgage as currently stuck in a fixed mortgage.
What’s the lowest value of house I can move too?
Unsure how LTV works, do I need to buy at £185k again? And keep the same deposit?

Thanks in advance 😊

Comments

  • Caz3121
    Caz3121 Posts: 15,832 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    does your mortgage paperwork cover porting? (different lenders have different rules, there will not be one answer)
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What’s the lowest value of house I can move to?
    Depends on your lender's maximum LTV.
    Unsure how LTV works, do I need to buy at £185k again? And keep the same deposit?
    Not normally, no.

    You don't normally have to fit an LTV to port. If you need to borrow more, that tranche will have an LTV limit which will determine the rate.

    As I said, you should be able to port up to your lender's usual LTV limit if it will lend to you again and at that level.
    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.
  • The mortgage company have confirmed that everything is fine to port 😊
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Looks like this port will work for suitable properties from minimum £160,000 value.
    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.
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