‘Porting’ a mortgage is becoming more common these days. Porting simply means that the homeowner takes their mortgage product with their existing mortgage lender with them when they move home, rather than choosing a new rate and/or lender
Usually borrowers “port” their mortgages when they have a big exit fee to pay if they were to repay the product early.
With most Equity Release mortgages it’s likely that the loan is increasing in size as interest on money you have borrowed on the mortgage accrues. However, this doesn’t mean that you can’t port your mortgage to another, perhaps smaller, property. What is critical is that there is enough equity in the new property to still cover the debt in order for you to meet your existing lender’s criteria. If there isn't enough - your lender may ask you to repay part of the loan
The new property also must meet current lending criteria. If a property is unusual or might be harder to sell when you and your partner die, this may cause an issue. Sometimes specialist retirement homes and sheltered living accommodation can be viewed as outside some lenders’ remits.
The best way to learn about Equity Release and associated issues is to speak with Mortgage Required. We are members of the Equity Release Council and as such we offer you the best independent advice and certain safeguards such as a ‘no negative equity guarantee’. For more information, call us.
Contact Mortgage Required to speak to an Equity Release adviser on 01628 507477.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
The UK mortgage market is seeing lenders withdraw deals and hike mortgage rates amid the escalation of conflict in Iran. This isn’t great news for borrowers, with the average rate for a two-year fixed deal sitting above 5%.
Statistics now show that those looking to purchase a property would have to save a deposit bigger than their annual gross pay.
Analysis from the Office for Budget Responsibility (OBR) shows that those looking to buy their first home could face a sharp increase if house prices follow the latest predictions, as Coventry Building Society suggests.
According to Zoopla, four in 10 homes are now cheaper to buy with a mortgage than to rent due to lower-cost mortgages - a sign that ownership is becoming more affordable.
World Sleep Day Tips
13 days ago
There are many people who struggle with getting a good night’s sleep. Having poor sleep hygiene can be the reason for bad sleep quality in adults. Sleep hygiene refers to habits that can help you sleep better.
Here we have shared some tips to create a healthier sleep.
What you need to know about remortgaging
15 days ago
If your current fixed rate is due to come to an end within the next six months, you will want to start thinking about the options available to you.
Nationwide is the first lender to allow mortgage deeds to be signed electronically and without the need for a witness.
More information
Trusted by
