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Porting a mortgage
rubywhatashmoo
Posts: 587 Forumite
Hello! Hopefully this is actually really straightforward and somebody round here can help clear this up 
So we have a mortgage (5 year fixed 2.89% - 2 years left) house was £155k when bought @ 90%LTV - £125K still left on mortgage (Hopefully the house will sell for (at least) £165K)
If we move and port the mortgage we currently have - do we treat it basically the same as if we were selling the house without a mortgage in place and treat it as £125K debt and £40K deposit towards the new place?
Any help to clear this up in my head would be much appreciated
So we have a mortgage (5 year fixed 2.89% - 2 years left) house was £155k when bought @ 90%LTV - £125K still left on mortgage (Hopefully the house will sell for (at least) £165K)If we move and port the mortgage we currently have - do we treat it basically the same as if we were selling the house without a mortgage in place and treat it as £125K debt and £40K deposit towards the new place?
Any help to clear this up in my head would be much appreciated
0
Comments
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In basic terms, yes. Your ability to obtain a mortgage on the new property will be determined by your existing lenders criteria at the time of application.0
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Brilliant thanks for that - just hoping I hadn't completely overlooked some part of it with not having ported before.0
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