A quick guide…
Mortgage porting becomes an increasingly popular solution for home owners during times of higher interest rates.
Specifically tailored to those borrowers who are moving home and wish to still take advantage of their current mortgage deal, a Porting Mortgage can ensure that if you move home you can still make the same repayments on your mortgage by taking your existing loan with you to your new property.
With many homeowners choosing to move to a new house while still in their introductory and often discounted mortgage time period, porting a mortgage allows the homeowner to still be in receipt of their lower fixed interest rate and attach the same mortgage terms and conditions to their new home.
A porting mortgage may seem like an ideal solution for those in a position to take advantage of the product. Only usually applicable to mortgages which are on a fixed term agreement, there are a number of conditions that may mean you and your new home do not meet the criteria to successfully porter your existing mortgage.
The concept sounds simple enough and the advantages are easy to see however, porting a mortgage does come with its restrictions and as always, it is best to consult your mortgage broker to discuss the matter further and explore in detail how this type of mortgage could help you.