One question that has occurred to me re: these mortgages is whether or the portable tracker can be topped up e.g this situation.
Property worth 250k (was worth 400k when purchased)
Tracker with balance at 200k.
Person wants to move to property worth 300K. Has 50K cash from sale, so is short 50K.
Assuming their are no affordability issues, is it permissable for this person to transfer the 200K tracker to the new property and take out a top up mortgage, at the standard variable rate, for the 50K shortfall?
Or does this person just have to swallow the fact that they cannot transport the tracker and take out a SV for the full 250K required?
Property worth 250k (was worth 400k when purchased)
Tracker with balance at 200k.
Person wants to move to property worth 300K. Has 50K cash from sale, so is short 50K.
Assuming their are no affordability issues, is it permissable for this person to transfer the 200K tracker to the new property and take out a top up mortgage, at the standard variable rate, for the 50K shortfall?
Or does this person just have to swallow the fact that they cannot transport the tracker and take out a SV for the full 250K required?