House Move & Mortgage/Port advice

Andylurchio15

Hi All - Hoping to get some advice if possible.

We are looking at moving house, we've got itchy feet again but we're not sure how the whole mortgage/porting it goes.

Our house is worth around 415K and we have a remaining mortgage of 295K and the house we are actually interested in is on the market for around 285K so a chunk under our current mortgage.

Unfortunately, the remaining length on my deal is around 4 years so my question is so if i got a new mortgage, i'd have to pay early repayment fees which i don't really want to do, so can I port my existing mortgage to this new house, even though its cost less than the mortgage I have and even if this is possible, what happens to the difference between the mortgage and the cost of the new house which is likely to be around 5-10K. 

Is that even allowed or not?

Thanks in advance for any help.

Andylurchio15

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