Porting mortgage

[OmgImSoTired]

Does anyone know if it’s possible to port a mortgage to a property that’s worth more than current property?

TIA

Yes but the rate transfers only IFor the amount of the original loan ,additional borrowing will be in current rate

Ah ok interesting. So say current property was worth £300K and new one is £400K, the additional £100K would be at higher rate? Would it be a new, separate mortgage then, as in 2 mortgages on same property?

It’s on the amount of the mortgage not on value of house but otherwise yes
Its normally 1 mortgage but in 2 parts

The parts are called sub-accounts, and as well as different rates they can be fixed for different durations. But have to be same lender obvs.

Take the amount your property sells for, minus the current mortgage and whatever is left will be the profit. Then take value of new property, minus the current mortgage and the profit (deposit for new house) and what's left is part 2 of your mortgage with the same lender. You can fix a different rate/length of time. I won't necessarily be a higher rate, our second one is lower.

Yes I did this last year, very easy to do. Transferred existing mortgage over to new house. Then borrowed additional amount at a new rate to make up the purchase price. Both parts of the mortgage are shown as separate accounts on my online banking.

Thanks everyone, v helpful!