Can you port part of a mortgage?
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AFF8879
Posts: 651 Forumite
I’ve googled this but couldn’t see anything immediately obvious.
Next year I’m planning to put my London flat on the market, which is worth ~350k with 260k left on the mortgage, and move closer to family in the West Country. I’ll be transferring internally within my company on the same or similar salary. Given any house I end up buying will be worth only 250-300k, will I be able to port a % of my mortgage e.g. 200k?
And if so, I assume early repayment charges apply only to the residual 60k?
Anything else I a missing here?
Next year I’m planning to put my London flat on the market, which is worth ~350k with 260k left on the mortgage, and move closer to family in the West Country. I’ll be transferring internally within my company on the same or similar salary. Given any house I end up buying will be worth only 250-300k, will I be able to port a % of my mortgage e.g. 200k?
And if so, I assume early repayment charges apply only to the residual 60k?
Anything else I a missing here?
0
Comments
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Yes. That's how it works.
New smaller mortgage, port the rate to that and pay any ERC on the remainder.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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