Porting a mortgage to a cheaper property

Poundnotes

Hi guys

I have about £90k left on my mortgage and the house is worth roughly £350k. If I were to sell that would net me £260k minus legal fees etc.

I am currently in a fixed term mortgage. If I were to sell up and buy a house for £200k for example, can I still port that mortgage? The house is obviously worth more than the mortgage balance and my mortgage provider does allow porting. Just wondering what's the deal if moving to a house that's considerably cheaper than the one you sell.  I can't see that it's any of their business or concern but is there any reason why they would be against this?

Thanks

Thrugelmir

Providing that the full mortgage balance is ported. Then the lender isn't impacted. Of course the port itself is subject to standard underwriting criteria and policy. 

davidmcn

I don't see a problem. If LTV is remaining below 50% I doubt lenders will care that it's gone up.