We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
House Move & Mortgage/Port advice
Andylurchio15
Posts: 4 Newbie
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.
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.
0
Comments
-
Bumped Post0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.6K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards