Find your own mortgage with a little (free) help from Teito!
Mortgage porting means that you keep the same mortgage deal when you move to a new home.
You will have the same mortgage lender, loan amount, interest rate and terms. Our team of experienced advisors can help you decide if mortgage porting is the right option for you. We have access to many deals that are not available to the general public, meaning we will be able to advise whether it is beneficial for you to port your existing mortgage or move to another lender. To start the process, complete our simple online form today, and one of our team will be in touch.
A mortgage porting can typically be completed within a couple of weeks.
Porting your mortgage means you can avoid early repayment or exit fees that would apply if you were to move to another deal. Mortgage porting can also be more straightforward than moving to another lender.
Your existing lender will need to go through a process before agreeing to port your mortgage to a new property.
The mortgage provider will typically:
Depending on your situation, it might make more sense to get a new mortgage with a different lender.
With interest rates at record low levels, there are plenty of competitive deals on the market. However, you may be liable for exit fees with your current lender, which could cost you thousands of pounds. Our advisors can help you to decide which is the most financially advantageous option depending on your circumstances.
You can request to increase your borrowing; however there is no guarantee that your lender will agree to your request. They may offer you an additional top-up to your mortgage on a different interest rate and with a different repayment term.
If you are downsizing when you move, you may be looking to reduce your borrowing.
The majority of lenders will permit you to reduce your borrowing by up to 10% without incurring a fee. Once over the 10% threshold, you are likely to incur a fee when reducing your loan.
Our team have helped many people to decide whether mortgage porting is the best option for them, based on their individual situation and current deal. To get started, complete our quick and easy form now.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.