DAP Ryan - Porting a mortgage

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colin178
Posts: 25
by colin178 » Sun Apr 29, 2018 2:50 pm
Hi Ryan,

I settled my IVA a few years ago but it remains visible on my file until next year. I contacted L&C about the chance of re-mortgaging. They said I could but they wouldn't be able to beat the rate I'm paying now (4.79% svr) so they suggested contacting them once the IVA is gone from my credit file.

Me and my family have outgrown our 2 bed and now need a 3 bed. How does porting work? If I sell my house for 170k and buy a doer upper for 140k could I use the equity to develop the new property or will they insist I pay it off the remaining mortgage (115k)? Or does it depend on LTV of the new property?

Regards
Colin
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luluj
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Posts: 10271
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by luluj » Sun Apr 29, 2018 11:24 pm
I will alert Ryan to your post but you may want to contact him direct via his office as he won't give specific advice over the forum.

Ryan can be contacted at http://www.ivamortgageexpert.co.uk
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