Hi folks ,

I am in the position of downsizing houses due to a separation and the fact i want to move to be nearer my new partner.
My current endowment mortgage is portable and i want to take it with me as it is on the svr rate of 0.75% (yes really !)
The mortgage is about 70% of the value of the house.
Assume i put say a 30% deposit on the new smaller house from the sale proceeds.
Can i then use the mortgage to fund the remainder of the house value and free up a large part of it as cash in my bank account as it will be far larger than i need ?
With the cash i would then use it to fund an extension to the smaller house.
Is this possible under portable mortgage terms ?
Thanks

portable mortgage query is simple meaning its changes time to time.
there are few points of PORTABLE MORTGAGE
1.he scheme(s) can only be used to purchase a new property, not to remortgage a property they already own.
2.a minimum of £5,000 from each sub-account and no new borrowing, or
3. the full mortgage balance plus a new mortgage scheme1 (or increased funds on an existing Offset mortgage scheme).