Porting a Mortgage

Can I port my mortgage to a new property?

Taking your current mortgage with you is possible on most mortgages these days.  This process is  of ‘porting a mortgage’ is ideal if you are in the middle of a fixed ratedeal and decide you want to move and keep the mortgage deal your have.

Not all mortgages are portable

Not all mortgages are however portable though, so you should check with your Lender or Broker before putting your house on the market to clarify. If you have an older mortgage or if it is with a specialist lender there is a chance it might not be portable.

Is Porting Your Mortgage the Best Option

Whether you port your mortgage depends on a number of factors. If you’re not tied in to your current mortgage deal with an early repayment charges it could be better to look around at alternative deals that are available.

Porting a Mortgage to a More Expensive Property

Some customers decide not to affect the porting option even when it is available to them. There are a several potential reasons for this. Maybe the new Lender will not lend them the extra money they need to fulfil the move. When you port a mortgage there is a restriction in that it is on possible to port the amount currently owed. Any additional borrowing needs to be from the deals currently available from the lender’s range and might not be competitive.

If you do port a mortgage and borrow extra monies, the additional borrowing creates something called a “sub-account”. In other words, you have one mortgage but with two different rates of interest applying to it. This can be a real pain because almost certainly the two products will “overlap” each other and as such it’s difficult to get these to line up without having to let one drift onto the standard variable rate for a while. Customers tend not to like having to change their mortgage deals as often as this and some of them decide to take the “hit” and pay an early repayment penalty to swap Lender and get it all lined up.

Porting a mortgage is more difficult than it sounds sometimes and you would be wise to enlist the help of a local Mortgage Broker for their opinion on the options.

Lincolnmoneyman.com –
Mortgage Advice in Lincoln & Surrounding Areas –
Contact Lincoln Money Man

Mortgage Services:

Mortgage Broker Lincoln – Mortgage_Advice Lincoln – Mortgage_Advisor Lincoln

Call 01522 581399

Porting a Mortgage in Lincoln, Mortgage advice Lincoln

 

 

 

 

.

Money Man mascot Latest Articles...

News & Opinions

Need More Help?

Contact Us
Mortgage Advice Lincoln

We Search 1000's of Mortgage Deals For You

Here are some of the lenders we work with...

lenders company logos
Mortgage Broker Lincoln Open & Honest Mortgage Advice in Lincoln

Lincolnmoneyman.com & Lincolnmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

Lincolnmoneyman, Commerce House, Outer Circle Road, Lincoln, LN2 4HY.
01522 581399

The Financial Conduct Authority does not regulate most buy to let mortgages.

Your Rights | Privacy Statement