Tsb 10yr fixed (porting)

jblakes

Evening all, 

We are coming to the end of our current mortgage. We owe 70k on a 100k house so we are eligible for the 2.29% which we are thinking of doing.

Coupe of questions in unsure about, hopefully somebody can help.
1) let's say we move house within this 10yr period and find a house for 250k, I know the mortgage is portable but if we have 30/40k deposit it won't be the 80% ltv needed for this deal. Will they just port the current mortgage regardless and then we will have to take a second mortgage out to cover the rest? 
2) will this 2nd mortgage (further lending) have to be with the same company? 
3)do we have a period we have to life in this house for? As in if we take this mortgage out today can we move house next month without penalty? 
4) how is the ltv calculated on the new property? So for example,
250k house
Ported 70k mortgage. 
30-40k deposit. So will the ltv be. 
250k - (70+30) =150k
So 60% ltv? Or will they include the ported mortgage in ltv so, 
250k - 30k deposit
So 90%ish ltv?

Kind regards
JB

jblakes

Bump  bump