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  1. #1

    Porting Mortgage and wish to cover all costs

    My current mortgage is with Barclays Woolwich.

    I am 1 year into a 2 year fixed deal.

    My mortgage is portable.

    If I port my mortgage can I use equity funds to cover all costs?
    IE Stamp Duty / Searches / Solicitors fees (Buy&Sell) / Estate Agent

    In theory my house is worth 300'000.
    I owe 180'000
    The house I want is 400'000
    Could I port my mortgage / Use 100'000 as deposit / Keep 20'000 to pay all fees?

  2. #2
    where's the other 300k coming from on the purchase then?

  3. #3
    You port the rate, not the mortgage.

    Your current mortgage is repaid and if you qualify for a new mortgage, the lender transfers the rate from the old mortgage to the new one with any increased borrowing offered on one of the lender's current products at the time

  4. #4
    I believe your question, simply put is can I take 29k of the equity for fees instead of using it towards the next purchase?

  5. #5
    The answer is yes, as long as your mortgage borrowing power is sufficient.


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