How does mortgage work?

[Itsrainingten]

We're thinking of offering on a house. We can make up the difference between the price we're selling for and the increase for the one we want to buy with savings, so do our mortgage company still need to do a valuation? I assume they do? We'll be about 30% LTV. And out mortgage is "portable" so can we transfer our current (much better) rate over until it expires? Thank you!!

Yes, the mortgage company will still do a valuation, even if you're porting the mortgage.

Often with the lower LTVs they can do a ‘drive by’ or computer based valuation. Only need to go if it’s a usual property or extended etc.

Thanks. And portable means same rate, right?

Correct, but only upto the balance of the existing mortgage. If you needed to borrow extra, for example, that would be at the bank's current rate.

Thank you very much.