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Can I Port My Mortgage to a New Property in Essex?

Turning the page to a new chapter in your homeownership journey opens you up to new options to explore For example, if you are moving home in Essex, you may need to consider porting your mortgage to your new property. But… what is porting?

In this article, we discuss porting a mortgage and how the process works, as well as looking at the pros and cons of doing so.

Are all mortgages portable?

In some cases yes, in some cases no, not every mortgage deal on the market is portable. While the vast majority of high street mortgages are portable, there are some exceptions. This is especially true for mortgage products from specialist lenders, as these mortgages are often more complex and may not be eligible for porting.

To determine if your mortgage is portable, it is best to contact a mortgage broker in Essex like ourselves or your mortgage lender directly.

Why do people port their mortgages?

Porting a mortgage entails more than a mere financial transaction; it often stems from practical considerations. One of the main reasons people port their mortgage is to stay on the same interest rate. If you’ve secured an attractive rate with your existing mortgage, porting allows you to carry this rate over to your new property, shielding you from potentially higher rates prevalent in the current market.

Furthermore, porting a mortgage provides a streamlined and convenient process, avoiding the complexities of securing an entirely new mortgage.

Should I port my mortgage?

Even if your mortgage is portable, you may choose not to port it. There are various factors to consider when making this decision. For example, your current mortgage lender may not be willing to lend you the additional funds needed for your new property, or the interest rates on those additional funds may be less favourable.

In some cases, it may be more cost-effective to accept the Early Repayment Charge (ERC) and take out a new mortgage on your new property.

When moving home in Essex, these are factors to consider before trying to port your mortgage.

What is a sub-account?

When you choose to port your mortgage, a sub-account is created. This account is attached to your mortgage and holds the additional funds required for your new property. The sub-account may have a different interest rate than your original mortgage, meaning you may have different rates for each mortgage and direct debit.

However, it is important to monitor these sub-accounts as overlapping products can cause complications in the future. It may be necessary to realign the sub-accounts, which could result in one of the sub-accounts briefly falling onto a lender’s variable rate.

Mortgage advice in Essex for porting your mortgage

Porting your mortgage and moving home in Essex demands informed decision-making. Our dedicated team of mortgage experts is committed to providing a helping hand through the whole process, making sure that it is done efficiently and correctly.

Whether you are contemplating the advantages of porting your mortgage or seeking moving home mortgage advice in Essex, our experts are equipped to guide you through the entire process.

We understand the significance of flexibility, and to accommodate your busy schedule, we offer the convenience of booking your free mortgage consultation online or over the phone. Our commitment to accessibility extends to providing mortgage appointments over the weekends and on bank holidays too.

Contact us today to take the first step towards your moving home journey in Essex.

Date Last Edited: December 8, 2023

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