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Confused by Santander
HarryWraith
Posts: 4 Newbie
My wife and I are currently looking at moving home so I took, what I thought, was the sensible step of contacting Santander regarding Porting. The explanation the advisor has given has thoroughly confused me, and now I doubt not only my sanity but my basic grasp of math. So who better to come to and clear this up, right? Right?
Basic fact
However, Mr Confusing from Santander has said - HOUSE VALUE + PORTED MORTGAGE + SAVINGS....roughly £453.
Will someone please explain to me which is right in very simple baby words, because I feel thoroughly stupid and confused.
Basic fact
- The outstanding amount on the mortgage is £63k
- We are looking to port the exact same amount (for simplicity)
- The expected sale price is £210k
- We've just inherited £180k
However, Mr Confusing from Santander has said - HOUSE VALUE + PORTED MORTGAGE + SAVINGS....roughly £453.
Will someone please explain to me which is right in very simple baby words, because I feel thoroughly stupid and confused.
0
Comments
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Can't see how to edit.....but.
...."This works out at £390k."0 -
You don't port the mortgage, you port the terms.
You sell for £210,000 and repay the £63,000. You have £147,000 in hand.
You add the £180,000 to the £147,000 so you have £327,000 in total.
If you plan to have a mortgage of £63,000 on the new property, the maximum purchase price is £390,000 being the £327,000 and the £63,000 added together.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
So that more closely resembles my understanding (same figure of £390k) than man from Santander. Thank you for the technical clarity on what is ported too. In reality though I have to take out a mortgage of £63k if I want to avoid penalty fees.kingstreet said:You don't port the mortgage, you port the terms.
You sell for £210,000 and repay the £63,000. You have £147,000 in hand.
You add the £180,000 to the £147,000 so you have £327,000 in total.
If you plan to have a mortgage of £63,000 on the new property, the maximum purchase price is £390,000 being the £327,000 and the £63,000 added together.0 -
Yes. £63,000 or more.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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