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Porting mortgage confused!

3 replies

marshminkmellow · 21/08/2018 19:03

Hello
We are looking to move. We currently have a £120k mortgage on a house that is now worth a lot more than when we bought it, so plenty of equity. We are looking to sell this and buy another property with the same mortgage and keep the equity, rather than pay off the mortgage.
Is this allowed? I know it seems like a silly question, to me the answer would be, of course, but maybe it's different when it comes to houses. A little help would be perfect! Thanks

OP posts:
Alevel · 21/08/2018 19:04

If you are eligible for a £120000 mortgage you can keep the equity.

INeedNewShoes · 21/08/2018 19:06

It would impact the LTV massively so you'd end up paying more for the loan.

Rainycloudyday · 21/08/2018 19:08

I'm a bit confused, do you mean keep the equity as cash and buy a property for £120k? What would you be putting down as the deposit in that case?

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