Porting a mortgage

rubywhatashmoo

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

Thrugelmir

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. 

rubywhatashmoo

Brilliant thanks for that - just hoping I hadn't completely overlooked some part of it with not having ported before.