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Porting your mortgage means you can take your current mortgage from your current property to your new one. 

 

Lenders do use their current criteria when assessing your application, meaning it may be different to when you were originally granted a mortgage, and could mean you won’t be accepted this time. 

 

Once you have decided you want to port your mortgage, you’ll need to work out if you need to borrow more or less money. 

 

Do you need to borrow more? 

 

If you need to borrow more money, porting is still an option, it just means you’ll have to pay a few fees. 

 

You’ll normally have to pay a fee to increase your loan, and also a valuation fee to have the new property valued. 

 

There will, of course, be other fees to take into account such as exit fees from your current mortgage, so it’s a good idea to discuss your options and get some assistance from one of our expert mortgage advisers. 

 

What if I don’t need to borrow more? 

 

If you do not need to borrow more money, then porting your mortgage could be an even more attractive option. 

 

You will just need to pass a lender’s affordability check, just like a normal mortgage application, and pay any applicable fees such as a valuation survey fee. 

 

Whether or not porting your mortgage is the best option for you depends on your personal circumstances. 

 

To discuss your situation, as well as the possibility of porting your mortgage, speak to one of our expert advisers today.