Mortgage porting - downsizing

[firsttimemumtobe122]

Has anyone had experience in porting their mortgage but downsizing?

Our mortgage amount will stay exactly the same as it currently is. We will just be receiving equity back.

We have sold our house for 325k new house is 242.5k and mortgage is 218k.

I have a mortgage in principle, and my mortgage appt to proceed is next week. But everytime I've spoken to the mortgage company they come across as if it isn't often that people port and downsize and I will need to explain why I'm doing it (but also assured it should be fine it's normally more difficult to borrow more).

To be fair our new house is actually bigger, but it is just in a much cheaper location!

I'm just feeling a bit nervous about it all. Is porting generally a faster process than applying for a new mortgage?

It depends on the people/company you're working with. Mine took a little bit longer then I expected

I would have thought a lender's possible concern would be that your LTV is worse - because your same-sized loan is now a higher proportion of the value of your new cheaper house. So there is more danger for the lender if you default on the mortgage.

@Thecazelets when I asked them about the minimum deposit amount they said 10% was absolutely fine when porting a mortgage.