Porting a mortgage

[lulu_bucket]

We have two houses to sell, one with no mortgage so no problem and one with a mortgage of 100,000.(House value 230,000) We want to sell both and buy a house for 485,000 and port the mortgage of 100,000 over to the new house. We do not want to borrow any more money just move the mortgage across to a house worth a lot more than the original house we have the mortgage on. It is a tracker interest only payment mortgage at an excellent rate and HSBC say we cannot port it to another house? They will give us another mortgage for 100,000 but at a much higher rate than we pay now. Any body know if there is a way around this ?

[ladybirder]

Well if it doesn't say in your mortgage offer it's portable there's nothing you can do except try another lender for a better rate.

[bednobs]

yep, there are a few mortgages that are flexible and can be moved to another proerty, but if yours isn't you can't make it into one!