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New home + additional borrowing..port existing deal?

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  • New home + additional borrowing..port existing deal?


    We're buying a new home for 240k and about to rent out our existing home for 500 pcm (it won't sell!). Our outstanding mortgage is for 97k and is portable. It's a great tracker deal of old at base + 1.5%. We have enough cash to buy this out and then port it across to new home. So would need about 143k additional borrowing (minus deposit) if we went down this route.

    Would it best to port this across and take out additional borrowing for the balance....or simply pay the 97k off and get a new deal. Prob scrape together 40k deposit.

    HSBC have some good trackers. With interest rates so low, I think trackers are the way forward for the next 5 years at least.