Downsizing and hoping to port mortgage (thrilling thread I know!)

[Maybenexttime08]

Hoping someone on here may have done this and can help me stop fretting!

We are selling and will be downsizing. We were thinking we would port our mortgage, keeping it at the same value, and using the extra cash to do the house up, but our loan to value will go from approx 50% to 70%.

Will we be able to port if our loan to value changes? Obviously we will speak to TSB on Monday, just interested to know others experience..

Thanks everyone!

Depends on the mortgage provider. We are porting with First Direct and didn’t have to keep the LTV the same, or within the same bracket, to keep the same rate.

Bit confused by your post though, if you’re downsizing do you actually mean your LTV is going from 70 to 50?

@blackcatsruleok Apologies - other way around!

In my experience (limited) if you portal the same amount you can stay on the same deal,

We are about to do this and we were advised by our mortgage advsisor that our mortgage (Barclays) will just move to the new property and as the new property should be worth less than the current property we will get some money back. As we are locked in for another 3 years we are going to put any surplus in a high interest savings (our current mortgage rate is 1.2%) and pay off some or possibly all of the mortgage when lock in ends.

@DeltaAlphaDelta79 What an amazing interest rate - sadly ours not that good but worth trying to keep. What did your loan to value change to?

We could put some of the savings back into the mortgage but want to keep some to do up the house.

Let's hope TSB can do the same as Barclays!

Thanks!

Yes we were lucky enough to get our offer about 2 weeks before the interest rates rose and actually locked in after they started to rise.

We have not done it yet, we are just starting the process (got estate agents coming week after next), but our LTV is currently around 27%.

We bought about 18 years ago when house prices were rising quickly and had an interest only mortgage for the first two years. We over paid here and there and our mortgage payments were double what they are now, around 50% of my take home salary then. We were probably mad to do it then but needs must and its hopefully paid off.

I am mid way through doing that with Santander. I am on a fixed rate which I did for my budget post divorce. I am only able to overpay 10% of the mortgage value based on the statement on Jan, I wish I could pay more off, but I would have to pay a penalty. It has all been agreed, the LTV is slightly worse as my new property is cheaper, but I had no issues porting it.