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Porting a Mortgage in Manchester – Exploring Your Options

One common puzzle faced by homeowners planning a move is whether to carry their existing mortgage deal to their new home without losing its terms. This transfer process is typically referred to as “mortgage porting.”

The advantage of porting your mortgage in Manchester is that it allows you to maintain the same interest rates and terms of the original mortgage deal.

The key aspect of this process is repaying your current mortgage using the proceeds from your home’s sale, and then continuing the mortgage on the same terms in your new home.

If you still have time left on your deal and exit prematurely, you might have to pay an early repayment charge (ERC), making porting an appealing option.

Porting Possibilities and Limitations

The possibility to port your mortgage in Manchester is dependent on the terms set by your lender, with some mortgages being portable and others not.

Even with a portable mortgage, transferring it requires reapplication and a brand new round of affordability checks and credit searches.

There’s no guarantee that the mortgage lender will accept your application, especially if there are changes in your financial circumstances or your credit score since your first application.

Different Porting Scenarios in Manchester

Porting a mortgage in Manchester to a property that is worth more

If the new property you are porting your mortgage to is more expensive, you can use any equity accumulated in your current home and any savings as a deposit towards your new home. If the required balance exceeds your current mortgage, you will need to take out a larger mortgage.

Conversely, if you’re moving to a cheaper home, you could port your deal by paying back some of your debt to the mortgage lender.

Beware, though, if you need to borrow more, your provider might require you to take an additional mortgage deal, potentially at a higher interest rate.

Restricting your access to better interest rates

Porting your mortgage in Manchester could restrict you from shopping around for better mortgage rates. In some cases, it may be more beneficial to switch mortgage lenders if you could save significantly from lower interest rates elsewhere.

If porting is not an option, you could consider postponing your move until your current mortgage deal ends, otherwise, you may have to pay an ERC. ERCs (early repayment charges) are received when switching mortgage products before your current product has ended. Sometimes it is worth paying this to capture a current mortgage rate.

Porting a Mortgage in Manchester Advice

We always recommend speaking with a mortgage broker in Manchester to discuss your options before deciding whether porting is suitable for your situation. In some scenarios, other options may benefit you more financially.

In the ever-evolving world of property finance, our objective remains to provide you with no-nonsense, free financial information, helping you understand the complexities of mortgages more easily.

If you are looking at moving home in Manchester and want to explore the possibility of porting your mortgage in Manchester, you schedule a free home movers review online.

Date Last Edited: April 4, 2024

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