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Porting 2 mortgages


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Hi there, 

I wonder if someone can please overlook these numbers and tell me if this looks right to you?

hypothetically, I own a flat and a house and want to buy another house for 220.000. 

The flat will be sold for 167.000 pounds,there is a BTL mortgage 110.000 pounds on there which will be ported to my house with an additional 40.000 taken out as deposit contribution to the new house. 
from the rest of the sale of the flat 35.000 will go to the new house as a deposit.( rest for legal fees)

on the house is a 145.000 residential mortage which will be ported to the new house. 
 

there should be 145.000 plus 35.000 plus 40.000 =220.000

does that seem right?

I am irritated at the porting 110.000 to a property with 145.000 on there and using the additional 40.000 as a deposit rather than redemption? 
 

in this hypothetical Szenario a broker seems to think this will work when completing is done on all 3 transactions the same day.
 

greatfull for any advise on my hypothetical Szenario. 
 

Thank you.

 

 

 

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I don't know if you would be able to do all 3 transactions on the same day. You would need to consult with a solicitor. If you have used a solicitor in the past, they will normally be happy to answer the questions for you

When you speak to a mortgage broker, they make everything sound really easy. The reality is normally more complex

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