WebFeb 9, 2024 · Porting Your Mortgage. Porting your mortgage is when you transfer the remainder of your current mortgage term, outstanding principal balance, and interest rate to a new property if you’re selling your existing home and buying a new one. Now, despite what some big banks would lead you to believe, porting your mortgage is not an easy … WebPorting a mortgage is a fairly straightforward process. Speak to your lender about your intention to move home, and they will then re-assess your circumstances to make sure you still qualify for this deal. For example, if you're three or four years into your 35-year deal, then your circumstances may well have changed from when you originally ...
Porting a Mortgage Explained: How does it work?
WebThe current mortgage at its current rate at term - so the continuation of the 5 year fix. Then an additional mortgage - with it's own rate and term (an extra 2 year fix in our case). … WebWe call this porting. Check your mortgage offer or give us a call on 0345 850 3705 to check if you’re eligible to port your rate to a new property. Lines are open Monday to Friday … ceylon workers congress
Borrow More On Your Mortgage Halifax
WebJul 6, 2024 · Porting to a cheaper property. This should be a lot easier than porting to a more expensive property. You still need to reapply to port your mortgage to your new home and will be subject to the charges associated with doing this, but you won’t need to borrow any more money than you currently do. In fact, you could pay off more of your ... WebMortgage porting is pretty similar to applying for a new mortgage as you’ll still need to submit a mortgage application form. Here’s how the porting process works: Reapply for … WebHere’s how the porting process works: Reapply for your existing deal using the details of your new house and how much you’re paying for it. The property will be valued by the lender – just like if you were applying for a new deal – to check the house is worth enough for what you’re asking to borrow. A decision will be made and your ... ceylon woven ottoman