Portable mortgage question.
 

Ok this is probablly silly question but I am not quite sure I have got my head around this correctly.


If I have a portable mortgage of £130k

I sell my property for £230k

I downsize to a new property costing £130k

I am taking the portable mortgage with me so I still have the debt of the £130k on the same terms as before .... but I think I would have to pay some kind of deposit on the new place so it is not 100% mortgage????

Does that mean that all of the £230k goes to my bank less fees and stuff like that and the portable mortgage buys the new house.
So I have £230k in the bank and a £130k mortgage.

Does that make sense?

:confused:

Thanks
Cath

I think you've forgotten to redeem your mortgage. ;)

Depending on who your mortgage is with you may not be able to port the mortgage if it's going to be a 100% loan on the new property.

yeah ... i thought that ... so say I put £30k down.... leaving £100k on the mortgage ... I would still have £200k wouldn't I ?????????

no youd only have 130k in the bank and a smaller house

If if was me id rather have no money in the bank and no mortgage (i.e. own my house outright)..............would free up aload of cash every month to have a better quality of life

I know its late (for me anyway) but you have £100k cash + £130k mortgage in current property. £230k total.

You then use the £130k mortgage for new place, if they let you, leaving you £100k cash.

hi david

thank you

my husband and i have separated.

I'm trying to sort out what happens next.

Adam and I are in a rented cottage at the moment.

I was hoping if he transfered the mortgae which is portable to his next property that would leave the proceeds of the sale available to split between us.

Never mind! Back to the drawing board!

Cath

So sorry to hear that Cath (for both of you). It did seem odd that you were asking about downsizing so I did wonder. Happy for any PMs if I can help. Good luck. You can get a nice pad in France for £100k if my local shop window is anything to go by. d