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Can I Port My Mortgage To A New Property in Manchester?

Porting a Mortgage in Manchester

Most high street mortgages are portable. This means you can move it from one property to another, without penalty. This becomes especially useful if you are moving to a new home and are in the middle of a fixed rate, as it allows you to potentially avoid early repayment charges.

Are all Mortgages Portable?

Whilst it’s true that most are portable, this isn’t the case for every mortgage. Some specialist lenders don’t allow this option. Calling your mortgage lender for a quick discussion can help confirm this.

Should I port my Mortgage?

Even though it’s often available as an option, customers sometimes choose not to. Maybe the lender won’t lend you the extra money you need to move. Also, the additional funds will be on a different rate to the one you have on your current deal. Depending on the deal you’re offered, you may decide to take a hit on early repayment charges and switch to a different lender.

What is a Sub Account?

A sub-account on your mortgage is made when you port your mortgage, with the additional money ending up with a different deal than the one you had originally. This means that although you have only one mortgage and one direct debit, there are different rates of interest that apply.

Later down the line, having sub-accounts can prove to be quite annoying. This is because different products will overlap each. Getting them aligned once again will mean one of the sub-accounts having to drift onto the standard variable rate given by the lender, for a set period of time.

For more on porting mortgages onto new properties, please get in touch with a Mortgage Broker in Manchester and we’ll see how we can help. Whether you’re moving home, a buy-to-let landlord or self-employed, we’d love to try and help you.

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