Downsizing - is transferring mortgage possible?

[QuintShhhhhh]

We are selling our 3 bed house, and plan to buy a 2 bed flat nearby.
We currently have a btl interest only mortgage, a tracker at 0.5 % above bank of england base rate - so costing us under £300 per month.

Would it be possible to transfer the current mortgage to the new property?

Ideally we would release equity but keep the lending level the same.

Think you'd have to check the terms of the mortgage or call the company to see if it's portable. We have a nationwide one which is portable as long as you don't reduce amount borrowed and there is no more than a 3 month gap between selling and buying (I only know this as we're in the process of relocating)

Your problem may be the loan to value ratio. If you have,say, a £300k house with a £200k mortgage, then you are at 66%.
Moving to a £200k house with a £200k mortgage will leave you at 100%.
Banks do not lend at the same rate for those 2 scenarios and may well not allow a 100% mortgage.

I just checked an online calculator. If we start afresh with funds released from the sale we will have a 52 % loan to value.

If the mortgage is portable, we will have more like 75% value to loan. Currently the house is worth more than twice the mortgage.

Sorry 75% loan to value