Hi All,
Was just wondering about Mortgage Porting. When you sign up to a mortgage that has Porting Capabilities, is there generally a limit to the number of times that it can be ported form one house to the next, within lets say; the mortgages "2 Year Fixed rate Period"?
Could i for example port it more than once within this time frame?
My motives are that i was thinking of buying a house, renovating it and selling it. I currently work for an employer within the construction industry and i am qualified in plumbing, gas, electrics and carpentry. I can also plaster, although not qualified. I have seen a few cheap houses around my area of which i would have roughly 50% deposit to put down. Although the houses are not selling as quickly as they used to, i feel that i can still make it worth my while and make a profit, due to doing most of the work myself, as a part time venture.
I am not a home owner at the moment, as i am currently renting somewhere. So therefore wanted to get a mortgage on a place, renovate it, sell it and then port the mortgage onto the next potential house renovation.
Is this at all feasible or would the banks knock this back in an instant?
All comments welcome
Thankyou
Was just wondering about Mortgage Porting. When you sign up to a mortgage that has Porting Capabilities, is there generally a limit to the number of times that it can be ported form one house to the next, within lets say; the mortgages "2 Year Fixed rate Period"?
Could i for example port it more than once within this time frame?
My motives are that i was thinking of buying a house, renovating it and selling it. I currently work for an employer within the construction industry and i am qualified in plumbing, gas, electrics and carpentry. I can also plaster, although not qualified. I have seen a few cheap houses around my area of which i would have roughly 50% deposit to put down. Although the houses are not selling as quickly as they used to, i feel that i can still make it worth my while and make a profit, due to doing most of the work myself, as a part time venture.
I am not a home owner at the moment, as i am currently renting somewhere. So therefore wanted to get a mortgage on a place, renovate it, sell it and then port the mortgage onto the next potential house renovation.
Is this at all feasible or would the banks knock this back in an instant?
All comments welcome
Thankyou