Porting your mortgage is when you take your existing mortgage deal to a different property. You’ll still have the same lender, terms and interest rate, though you’ll have to repay your existing mortgage and then resume it with your new property.
Can I port my mortgage to a more expensive property?
If you’re buying a more expensive property your lender may not allow you to port your mortgage, as you may be close to the maximum they’re willing to lend you. Secondly, the additional amount may have to be put onto another mortgage, which may involve fees and a different rate.
Can you move house if you haven’t paid off your mortgage?
Yes, you can sell your house before paying off your mortgage. Mortgages range anywhere from 10 to 30 years so most homes sold in the U.S. aren’t fully paid off.
Is it easy to port a mortgage?
In theory, porting a mortgage sounds easy, but in reality, it can be tricky (especially if you’re moving to a more expensive property) and can end up costing you more than remortgaging to a new deal.
Can you get a mortgage if you move to a bigger house?
Your ability to secure a mortgage on your new property, and the rates you will be offered, can depend on whether your new home is more expensive or cheaper than your current one. If you want to move to a bigger and more valuable house than the one you have now, you will need to prove to your lender that you can afford the higher rates.
Can a 35 year old move to a bigger house?
I think it also depends on how old you & your DP are and how long/much of a bigger mortgage you think you would need to move to a bigger house. Another 10 years of a not-so-big mortgage at age 35 is a different scenario to having another 10 years of massive mortgage at 55.
Can you get a mortgage for a new home?
You can find a mortgage for your new home with a different lender. You could use this to pay off your existing mortgage, or you can also pay for it by selling your home. This could be beneficial to you if house prices in your area have risen significantly since the time you bought your current home.
What happens if you move to a smaller home?
If you have had any problems with keeping up with your previous mortgage repayments, you may find it difficult to secure a mortgage for your new property. If you’re planning to move to a smaller and cheaper home, you should find that the size of your loan will decrease, so your monthly repayments will fall too.
