Can Mortgages Be Transferred To Another Property
Can mortgages be transferred to another property? That is certainly a question that a lot of people who currently have a mortgage want to know. Getting a mortgage is normally quite a smooth process if you have the right kind of mortgage advice and advisor. However, sometimes for some people, getting a mortgage can be a tricky task and borrowers are sometimes made to jump through a lot of hoops to secure funding for their home.
For those people, when the time comes for you to move on to another property, the prospect of having to go through getting a brand new mortgage again with potentially another lender, can seem quite daunting. But in many cases, people with mortgages can actually transfer their current mortgage on to another home. This is called porting. Literally porting (moving) your loan from one property to another.
How Can Mortgages Be Transferred To Another Property Through Porting?
So yes, mortgages can often be transferred to another residential property through porting. The process is quite simple through a mortgage advisor, and because you are moving the current mortgage, you won’t need to change lender at all. As long as you have been keeping up with your current mortgage payments and haven’t had any adverse credit in the time that you have had your mortgage, this can really be a positive. Your current mortgage lender will know you. They will know what type of borrower you are, and their trust in you will have increased. Much more than if you started an application over with a new lender.
Is Every Mortgage Portable?
The short answer is no. Not every mortgage is portable. However, if this is something that you definitely want, you can discuss this with your mortgage advisor when securing your original mortgage. Then, your advisor will help you to choose a portable mortgage product and it will actually say this on your mortgage offer. Then when you come to purchasing a new property, you can notify your mortgage advisor and they can start the process of arranging for your current mortgage to be ported. If your mortgage is not portable, you will need to pay off your current loan with the proceeds of the sale of your property and apply for a new loan on the new home. Again, your advisor will help with this.
Can Mortgages Be Ported To Another Person?
From our own research, we have seen that this question is quite common too. Mortgages cannot be ‘ported to another person’, but people can be added or removed from an existing mortgage. This is always done through a remortgage though, and not through porting. For example, if someone has a mortgage on their own, but they want their partner to go on the mortgage too, they can re-mortgage and the other person on to the mortgage. If you like, you can keep everything exactly the same (lender, mortgage amount, rate if it is available).
How To Port A Mortgage
As with any kind of mortgage, we would always insist that you seek the help of a qualified mortgage advisor if you are thinking of porting your mortgage to another property. It may be tempting to just go directly to your current lender to start the porting process, but this can be full of difficulties. A mortgage advisor can do the entire porting process for your from start to finish over the internet or over the phone, and will make sure that your offer is produced as smoothly and quickly as possible.
Going direct can mean that you are placed on a waiting list, may have to go into the branch for several follow up meetings, and will not have access to ‘mortgage broker exclusive’ products, rates, and resources. If you are thinking of moving home and porting your mortgage to another property, then give our team a call today for a fee free initial mortgage consultation.
