Mortgage Porting Help!
I'm after some much needed advice and hope someone can help me please! Because I am hard of hearing I find it difficult to use the phone and my mortgage (Mortgage Express) do not correspond via email which makes things more difficult.
I currently have a property which is valued at £145k and my mortgage is £137k. I have now found a house I like in Chester (I need to relocate due to work) This new house is £130k and I can get hold of £20k to put towards it.
Now here is where it gets tricky! I have been trying to find a new mortgage but due to my credit history all lenders will only give me 50%.
However speaking to my current lender Mortgage Express they would be willing to move the existing mortgage to a new propoerty provided the amount is less than what it is now. They attempted to explain how this works on the phone but I could not understand clearly.
Is there any generous mortgage advisor who may be able to explain how this works? Assuming I would sell the place in Daventry... the mortgage would be paid, then they would release new funds for the place in Chester??
Any help would be appreciated please!