Porting

Joewasherein2019

Hi there,

If you want to port say your moving but using your own cash to buy the more expensive property do you need to apply for your mortgage again?

“If the balance being ported is the same as the remaining balance on the existing mortgage” in other words.

So for example you have remaining mortgage of 148,000 and you want to move to a 800k @ home and you use £652k cash to enable you to buy house at 800k. So the lender would not be giving more funds to buy new house etc. Surely the lender wouldn’t do whole application again for that as above?

Thanks :money:

Thrugelmir

New property new application. Porting only relates to the product terms. Mortgage will be underwritten again. Subject to current criteria.

No one is going to lend you a 6 figure sum without underwriting the transaction.

Joewasherein2019

Hi there,

I’m not wanting to lend anymore. I would use own cash.

Just moving current balance over.

Thrugelmir

As long as you are borrowing money you'll need to apply for a new mortgage.

amnblog

The lending always has to be underwritten for risk and affordability, regardless of whether you are borrowing the same, more, or less.

The product is not underwritten, and is the portable element.