Can I transfer my mortgage to a different property?

Can I transfer my mortgage to a different property?

Porting your mortgage is when you transfer your existing mortgage deal to a different property. Technically speaking, your existing mortgage will be paid off with the proceeds when you sell your house, but you’d be moving onto a new one with the same lender, rates and terms.

What happens if you have a mortgage and want to move?

The answer is your mortgage is secured on your current property. When you move your legal representative will pay off your current mortgage in full. You will need to start a new mortgage if you are buying a new property, and you still need to borrow to do so.

Can I port my mortgage to a more expensive property?

If you’re buying a more expensive property your lender may not allow you to port your mortgage, as you may be close to the maximum they’re willing to lend you. Secondly, the additional amount may have to be put onto another mortgage, which may involve fees and a different rate.

Is it worth porting my mortgage?

Porting a mortgage can be a good idea if you face significant early repayment charges for leaving your current deal early. You could be charged a fee by your lender for porting your mortgage, but it may still work out less than any penalties you might have to pay for exiting your current deal.