If you’re considering relocating and currently hold a mortgage on your present home, there’s a possibility to transfer, or “port,” your existing fixed-rate, tracker, or other mortgage arrangement to your new home. To determine the feasibility of this, it’s advisable to review the details of your current mortgage.
If porting is an option, you’ll still be required to reapply for your mortgage and undergo the same affordability and credit assessments as when you initially secured the mortgage. Additionally, you’ll need to cover expenses such as a property valuation, legal fees, and stamp duty.
While this may seem like a lot to manage and potentially overwhelming, we are here to simplify the process and can assist you in finding the most suitable option for your situation.
If the value of your home has appreciated since your purchase, you will have accumulated additional equity. This could potentially enhance your prospects of securing a larger mortgage for a more valuable / larger property.
Furthermore, if you’ve experienced an increase in income, reduced your expenses, and consistently met your current mortgage payments, you are more likely to receive approval for a larger mortgage.
There are a number of things you can do to try and reduce the costs of your new mortgage:
To arrange a meeting with one of our advisers, call us on 01642 040 168. Or send us your contact details and we’ll get back to you.
