Selling assets and porting the mortgage

SuseOrm

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

SuseOrm

Just found the edit button hopefully that’s a bit clearer now

RupertSaver

Hi Sues,

Santander will probably have some early redemption charges that may be as high as 5% of what you owe them to pay off your mortgage early.

Make sure you include these in your spreadsheet.

Rupert

SuseOrm

I don’t want to pay the mortgage off I want to port it to the Property that I actually live in.  

So, from what I understand, I wouldn’t be redeeming the mortgage, so they’d be no charges.