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port mortgage is this possible

(7 Posts)
Murphyslaw21 Thu 14-Jan-16 14:19:03

Hi I have HSBC mortgage. Only had since 2014. It's supposed to be portable. Can anyone tell me does this mean I would have to go through all the checks etc again or can I simply just get another house (the one I'm buying is same value) so I don't need to borrow more or less.

Murphyslaw21 Thu 14-Jan-16 14:21:58

Should add I don't want to change lenders just literally port mortgage from one property to another

Eminybob Thu 14-Jan-16 14:28:13

You will most likely still have to go through affordability and credit checks, and the new property will need a mortgage valuation.

It's the deal that's portable, not the actually mortgage if that makes sense?

That said, if you were to fail affordability/credit checks but are not borrowing any more money and not increasing your loan to value then you should be able to appeal.

That's the process where I work anyway, HSBC may be different.

MrsAukerman Thu 14-Jan-16 14:30:10

Your lender will need to make sure they are happy to use that new property as collateral. Some lenders don't like to lend on new builds or flats so even if the figures are the same then the perceived risk may not be.

Murphyslaw21 Thu 14-Jan-16 14:31:18

I think I get it. Interesting didn't realise it was the deal not the actual mortgage

Murphyslaw21 Thu 14-Jan-16 14:32:26

It is a new build. It's 60k mortgage. Property is £220k

Murphyslaw21 Thu 14-Jan-16 14:37:01

The problem will be I am currently on maternity therefore salary would not be enough to meet criteria of mortgage application.

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