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Need advice on porting mortgage 😊
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Limeskies345
Posts: 20 Forumite
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 😊
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 😊
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Comments
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does your mortgage paperwork cover porting? (different lenders have different rules, there will not be one answer)0
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Depends on your lender's maximum LTV.Limeskies345 wrote: »What’s the lowest value of house I can move to?
Not normally, no.Unsure how LTV works, do I need to buy at £185k again? And keep the same deposit?
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.0 -
The mortgage company have confirmed that everything is fine to port 😊0
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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.0
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