Porting mortage with a higher LTV

Martian2035

Hello,
This feels like a simple question, but I've struggled to find a clear answer after searching.
How does porting mortgage to a new property work when the LTV changes?
Specifically:

• My current mortgage deal was taken out with a LTV of 80%
• I am buying a more expensive property, and the LTV will be 85%

I'd like to port my mortgage over to avoid early exit fees. But is it possible to do so when the LTV is changing? And are there any restrictions or other considerations I need to take into account?

I have a mortgage appointment tomorrow, but am keen to go into that with a clear idea of exactly the deal I want to achieve.
If it helps, my current mortgage is with First Direct.

K_S

Generally speaking, if you’re porting and need to borrow more, then the additional borrowing will on a current FD 85% LTV mortgage product, based on the currently available rates at the time.

Martian2035

K_S said:

Generally speaking, if you’re porting and need to borrow more, then the additional borrowing will on a current FD 85% LTV mortgage product, based on the currently available rates at the time.

Thanks for your quick response K_S. 
So generally speaking, the pre-existing mortgage should be fine to port over as it is, with only the additional borrowing affected? That would be the ideal situation!

Thrugelmir

When porting the general principle is that the existing mortgage product terms remain unchanged. Porting being discretionary and subject to the lenders criteria at the time of application. 

K_S

Martian2035 said:

K_S said:

Generally speaking, if you’re porting and need to borrow more, then the additional borrowing will on a current FD 85% LTV mortgage product, based on the currently available rates at the time.

Thanks for your quick response K_S. 
So generally speaking, the pre-existing mortgage should be fine to port over as it is, with only the additional borrowing affected? That would be the ideal situation!

@martian2035 That's correct. Subject to the condition that the applicant meets criteria and affordability for the whole mortgage as if they were borrowing that amount now.