- Thu 14 Dec 2023
Porting. What is it in relation to a mortgage? Many people look to move when in the middle of a fixed rate on their mortgage & are often concerned that moving would mean paying an early repayment charge, which can sometimes mean they choose not to move, even though they would like to.
Don’t be put off. Porting is a process where you move & take or “port” your mortgage on to your new home, thus allowing you to move & not pay any early repayment charge that may apply on your mortgage.
If you need additional borrowing, you simply borrow this from the same lender – you would have one mortgage with the same lender but split into two parts.
It should be borne in mind, that the lender would want to ensure that you are eligible for the borrowing – they regard this as a new application & would assess it in the same way as any other application.
It isn’t always the right option & it can be confusing, so make sure you seek guidance from an expert on your options, to ensure you make the right choice.
Our experts are available on 01395 222391 or email email@example.com.
Bradleys Financial Management Ltd and Bradleys Estate Agents Ltd are two different entities and the estate agents act as introducers for Bradleys Financial Management.