Porting question

strawb_shortcake

This may be a really stupid question but I've never sold a house before and not sure how it all works.

Current house worth around £300k o/s mortgage circa £57k. Mortgage is portable but understand this is still subject to lenders agreement. 

If our next house we bought for say £280k, could the mortgage still be ported? 

Would we keep the mortgage of £57k and then the delta returned to us? I think this would give us around £23k (Maths is not strong).

We only have 18 months on our current fix, but with other savings we'd be able to pay off the mortgage at the end of the fix if we so chose, or pay down a fair bit and go to the Maldives :-) 

Hoenir

annabanana82 said:

If our next house we bought for say £280k, could the mortgage still be ported? 

 

Yes it could. 

In selling and buying the properties. Any monies remaining after legal costs, estate agents fees and stamp duty have been settled will be paid over to you. 

amnblog

Yes you can port a lower amount than your current balance.

When you do, any early repayment charges due will be based on the difference between your original mortgage balance and the new lower balance.