Mortgage before moving?

[goalpostmover]

Hello,

I'm in the fortunate position of currently being mortgage free but looking to move into a bigger property and borrowing to do so.

What I'm wondering is if there would be any benefit to taking out a mortgage on my current property, banking the cash for now and porting the mortgage when I've found somewhere to move to. (I also need to sell).

The amount I'd be looking to borrow is less than 50% of the equity in my current house.

Thanks

Not really. You'll be paying interest on the loan which will be more than you will earn on it. Porting is more restrictive than taking a new mortgage with a full market search.

What would be the point of taking out the mortgage? You’ll incur the interest as well as fees but it doesn’t seem to gain anything?