Porting / Capital raise

Want to move AND keep the same rate you’re on? Short of the amount you need for the onward purchase?

The challenge

You want to move to your dream home, however you have a big dilemma.

• 6 of 6 flats, so a problem to many lenders on the numbers of flats.
• 6 of 6 flats, so 100% of the block, meaning a problem on ‘exposure risk’ to many lenders.
• All on one freehold title.
• Above commercial.

In a large number of cases, it makes sense to ‘port’ the mortgage from one property to another (as long as your existing product allows it).

The solution

Whilst most lenders will ‘re-underwrite’ your circumstances (i.e. assess your income, affordability and credit search and / or check you again), you would have the ability to keep the same mortgage and deal on the new property.

Additionally, if affordability permits, you could borrow more (albeit on the current rates available at the total loan to value), if you’re upsizing and lack the savings to make it all work.

After thought

Never assume because you’re locked into your current mortgage that you don’t have options if you want to move. We are always here to help you assess your circumstances and work out what is achievable.

Other case studies

David was absolutely amazing, from helping us find the right mortgage, to advising us, to being on hand for silly questions we had. Nothing was too much trouble for him. I will absolutely be recommending him to our friends.

Frederica Turner