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Porting mortgage to a new property and keeping the old house
nicholasfoster
Posts: 1 Newbie
My son wants to purchase a new house for £215,000. He wants to keep his current property with a £95,000 mortgage and a value of £200,000. He wants to port the existing mortgage to the new property. How does this work and how much mortgage will he have in total?
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Comments
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Is he going to rent the first house out? He's surely going to need mortgages totalling £310,000 minus deposit. How's he funding the deposit? Surely you can't port a mortgage without selling the house? I'm confused so best to wait for someone with more knowledge.0
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He needs to arrange a BTL mortgage on his current home, large enough to repay the current mortgage and release enough funds for a deposit on the new place.
The mortgage on the new place would be based on his income, on the old place would be based on rental income.
If he is keeping the old place as a second home, then he needs sufficinet income to cover both mortgages and some savings to act as a deposit on the new place.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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