I have a mortgage for roughly £72k on my flat. I hope to sell it for £87k and have savings for fees and stamp duty etc. Am looking at properties for £150k and ideally would like to port the £72k over as its an excellent rate, and get a new mortgage for the remainder.
I'm so confused how it all works though, if I get a new lender for the rest, how much will they lend me, will it be 90% of the property price say £135k (£150k-£15k) less the £72k I'm porting over?
Cam someone please explain how it would work, with borrowing from the same lender and also a different lender.
I'm so confused how it all works though, if I get a new lender for the rest, how much will they lend me, will it be 90% of the property price say £135k (£150k-£15k) less the £72k I'm porting over?
Cam someone please explain how it would work, with borrowing from the same lender and also a different lender.