Is it worth porting my mortgage?

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.

Do you have to pay a deposit when porting a mortgage?

Do I have to pay a deposit if I’m porting my mortgage? If you’re transferring your mortgage to a property of the same value or a cheaper one, the equity you’ve built up in your home should suffice as the deposit on your new one.

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 porting a mortgage free?

If porting, you will still have certain additional fees to pay, including valuation fees, arrangement fees, legal fees and possibly a small exit/transfer fee. If the property you want to buy is more expensive than your current one, any additional money that you need to borrow is likely to be at a different rate.

Can porting a mortgage be refused?

Can I get declined when porting my mortgage? As porting is treated as a new application – yes, you can be declined. Even if you have been paying the same lender, the same amount for years. Although these cases are very rare.

How long does porting a mortgage take?

How long does it take to port a mortgage? If your lender lets you progress with a mortgage port, moving a mortgage to your new property could take anywhere from 30 days to three months to complete, giving you time to move in to your new property.

What is involved in porting a mortgage?

Porting a mortgage involves repaying your existing mortgage and taking the same terms with your existing provider. You’re essentially taking a new loan, but the new one will work to repay your current mortgage off so you’re starting over again with the new house.