Selling assets and porting the mortgage
Hello , so I currently own two properties one is with Santander valued at 8 8, 000 with 4 4, 000 left on the Mortgage. The Mortgage is at 4.2% and fixed for the next 4 1/2 years. Currently my daughter lives in the property and it’s on a consent to let. She will finish university in June at which point the house becomes surplus to requirements, and I have absolutely no desire to be a Landlord.
The main residence that I live in has 122,000 left on the mortgage with Kent reliance that Mortgage deal is up in April. I don’t think I can get a mortgage elsewhere due to the income. I have less than one years, self-employed accounts. And as you can imagine, in the first year, we’ve not made an enormous amount of profits.
So the plan was to sell Property A with the Santander Mortgage on it , but port the Mortgage to Property B paying off a chunk with the capital and a chunk with the Mortgage.
Have I understood that correctly? Would that be possible Santander say yes I can port it. I realise there’s going to be a little bit of an overlap where I’m not fixed on the reliance Mortgage but I think I will know before April whether the property will sell for the amount that I need. It’s not going to be the case I can just fix again with Kent worst case scenario.
Thank you for any assistance and thoughts
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