A question about : Porting a mortgage whilst on a DMP
Hi, I was wondering if anyone had any experience of this. We have enough equity in our house to pay off my DMP which is 55k. I haven't been on the DMP long but it has given us to some much needed thinking and breathing space. We are considering moving to a cheaper house and releasing the equity to pay off the DMP - my DMP is due to last 14 years so we are looking for a clean slate start. We could pay off the mortgage when we sell but I am assuming we will find it very hard to get another mortgage on a new property so I was thinking that porting with our existing lender might be the answer? We wouldn't want to borrow any more and may also be able to slightly reduce it depending on what property we buy. Will the DMP also mean we will struggle to port? Has anyone managed to before? Thank you
Best answers:
- Hi woody, try posting this on the dmp mutual support thread, I've definitely seen some previous chat about porting.
Puzz - Hi
Porting a mortgage can sometimes be an option when on a DMP.
However if you want to release Ј55k of equity but keep the same mortgage then the lenders ltv will increase (perhaps by quite a substantial %?).
That could mean your lender would be unwilling to port.
What ltv do you have now?
and what would it be if you downsized and released Ј55k equity? - There are very helpful people on the mortgages and endowments board, so maybe ask this there. Good luck!
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