Port Mortgage on one house to another then sell first house

Kayfranky

I have 2 houses on residential mortgages.
Property One worth 180K with 110k mortgage, Mortgage term ends July 24 -Lender HsbC
Property two worth 300K with 196k mortgage,Mortgage term ends feb 25 - Lender Halifax(portable)

I am looking to sell Property number two(300K)
But I need to remortage Property one now.

1.So my question is can I Port the Mortgage on property two to Property one then sell property two (300K).?
2. Do I need to wait for the porting to complete before I can sell property two(300K) or can I port it now while the property is on the market for sale?

BarelySentientAI

What are you trying to mean by saying "porting the mortgage"?

What porting usually means is that you can pay off the mortgage on one property and then take out the same (or less) amount of mortgage on another property for the remaining length/deal of the previous product.

RHemmings

BarelySentientAI said:

What are you trying to mean by saying "porting the mortgage"?

What porting usually means is that you can pay off the mortgage on one property and then take out the same (or less) amount of mortgage on another property for the remaining length/deal of the previous product.

I'm guessing (until @Kayfranky provides more details) that the two mortgages are on low fixed rates, and when they remortgage they will be paying much more. They want to sell Property Two to avoid this, but would like to take the fixed rate mortgage on Property Two, have it transfer over to Property One at the current fixed rate terms, and then Kayfranky will have that fixed rate mortgage until Feb 25. And, again I guess, that the mortgage from Property Two will effectively pay off the mortgage on Property One, and replace it. 

Clearly this is just me guessing. If I guess correctly then: This sounds incredibly unlikely to me. Why would the mortgage lender ever agree to this? But, I'll wait for further clarification and answers. 

theartfullodger

Kayfranky said:

I have 2 houses on residential mortgages.
Property One worth 180K with 110k mortgage, Mortgage term ends July 24 -Lender HsbC
Property two worth 300K with 196k mortgage,Mortgage term ends feb 25 - Lender Halifax(portable)

...

And each of the lenders know about both houses and that you are only permanently living in one??

RHemmings

All descriptions I see of portable mortgages are when someone is buying a new home and moving. And even then there are limitations. I looked for use cases similar to the OP's situation, and didn't find any. 

BarelySentientAI

RHemmings said:

BarelySentientAI said:

What are you trying to mean by saying "porting the mortgage"?

What porting usually means is that you can pay off the mortgage on one property and then take out the same (or less) amount of mortgage on another property for the remaining length/deal of the previous product.

I'm guessing (until @Kayfranky provides more details) that the two mortgages are on low fixed rates, and when they remortgage they will be paying much more. They want to sell Property Two to avoid this, but would like to take the fixed rate mortgage on Property Two, have it transfer over to Property One at the current fixed rate terms, and then Kayfranky will have that fixed rate mortgage until Feb 25. And, again I guess, that the mortgage from Property Two will effectively pay off the mortgage on Property One, and replace it. 

Clearly this is just me guessing. If I guess correctly then: This sounds incredibly unlikely to me. Why would the mortgage lender ever agree to this? But, I'll wait for further clarification and answers. 

But then what pays off the mortgage on property two?

RHemmings

BarelySentientAI said:

RHemmings said:

BarelySentientAI said:

What are you trying to mean by saying "porting the mortgage"?

What porting usually means is that you can pay off the mortgage on one property and then take out the same (or less) amount of mortgage on another property for the remaining length/deal of the previous product.

I'm guessing (until @Kayfranky provides more details) that the two mortgages are on low fixed rates, and when they remortgage they will be paying much more. They want to sell Property Two to avoid this, but would like to take the fixed rate mortgage on Property Two, have it transfer over to Property One at the current fixed rate terms, and then Kayfranky will have that fixed rate mortgage until Feb 25. And, again I guess, that the mortgage from Property Two will effectively pay off the mortgage on Property One, and replace it. 

Clearly this is just me guessing. If I guess correctly then: This sounds incredibly unlikely to me. Why would the mortgage lender ever agree to this? But, I'll wait for further clarification and answers. 

But then what pays off the mortgage on property two?

(Checks for updates from the OP - not yet). I would wildly guess that the plan is to sell property two and as it sells move the mortgage to property one instead of paying off the portable mortgage. Equity from the property two house sale pays off the mortgage on property one, and then the mortgage from property two arrives. But, the mortgage for property two is more than the value of property one. ... The more I think about this the more unlikely it all seems. 

Unless the OP has something to hide, they could just describe the situation to Halifax, and see if they agree. I can't for the life of me see that they would agree, but I get proved wrong often enough. 

BarelySentientAI

RHemmings said:

BarelySentientAI said:

RHemmings said:

BarelySentientAI said:

What are you trying to mean by saying "porting the mortgage"?

What porting usually means is that you can pay off the mortgage on one property and then take out the same (or less) amount of mortgage on another property for the remaining length/deal of the previous product.

I'm guessing (until @Kayfranky provides more details) that the two mortgages are on low fixed rates, and when they remortgage they will be paying much more. They want to sell Property Two to avoid this, but would like to take the fixed rate mortgage on Property Two, have it transfer over to Property One at the current fixed rate terms, and then Kayfranky will have that fixed rate mortgage until Feb 25. And, again I guess, that the mortgage from Property Two will effectively pay off the mortgage on Property One, and replace it. 

Clearly this is just me guessing. If I guess correctly then: This sounds incredibly unlikely to me. Why would the mortgage lender ever agree to this? But, I'll wait for further clarification and answers. 

But then what pays off the mortgage on property two?

(Checks for updates from the OP - not yet). I would wildly guess that the plan is to sell property two and as it sells move the mortgage to property one instead of paying off the portable mortgage. Equity from the property two house sale pays off the mortgage on property one, and then the mortgage from property two arrives. But, the mortgage for property two is more than the value of property one. ... The more I think about this the more unlikely it all seems. 

Unless the OP has something to hide, they could just describe the situation to Halifax, and see if they agree. I can't for the life of me see that they would agree, but I get proved wrong often enough. 

Sell then port terms could be possible - although you're right that it's normally done on sale and purchase rather than sale and re-mortgage (perhaps one of our resident brokers on the forum could comment on that option).

OP seems to describe as port terms and then sell - particularly given both of their numbered questions - which is effectively impossible without some other way of paying off the balance on the mortgage product that is being ported.