Can you remortgage to new lender, then port/sell straight away?

IAMIAM

Is this even allowed? Remortgaging to a new lender at 75% LTV, then potentially put house on market and sell, porting the rate taking the lending to 90% LTV, as new property will be cheaper and bank the difference meaning the rate is secured at 75% rather than 90% LTV. I am presuming the sale/purchase wont complete for at least 6 months after remortgage....

theoretica

Porting is almost certainly going to be 'subject to lender's agreement' on the property you are porting to, and I imagine value comes into that - so they reserve the right to look at your proposal and say no.

ACG

It can be done, I dont know whether or not all lenders would allow it. 
BUT even where it can be done, you have to apply for the port - they can refuse it. If that happens you have a choice of not moving or paying the ERC. 

I had a case with a lender where we did a remortgage to them. 9 months later they wanted to port to a property that was marginally cheaper (only maybe £2,500 less), the mortgage they wanted to port was the same, LTV was basically the same and the DIP declined. 

In the end we had a word with our account manager and got it agreed. We still have no idea why, the only thing we can think is that the way they credit scored changed in those 9 months as there was no changes to the clients situation. 

JMA74

Just had a similar case to ACG where client assumed porting would be available so did a product transfer to a fixed rate.  
I met him for a purchase transaction as his existing lender declined the case and he ended up with a £9k erc

I couldn't get mine overturned unfortunately.   

On your question, most lenders allow this as long as at least 1 payment has been taken.  However you may find other issues as the land registry may not have been updated with the new lenders charge so your solicitor wouldn't be able to clear the mortgage until the LR shows the new lenders name