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Moving Home & Your Mortgage
What You Need To Know
If you’re contemplating moving house, you might consider whether you can take your current mortgage with you to your new home or investment property. Below are some of the features and key points to consider if you are considering “porting” a mortgage.
If at any stage you need- or want -more information to help you assess your eligibility and determine whether porting your mortgage is the right choice for you, don’t hesitate to contact one of our expert Mortgage Consultants.
Speak with one of our friendly expert Mortgage Consultants today.
Call +44 161 871 1216
Key Points to Consider for Successful Mortgage Porting
Requalification – When you request to port your mortgage, you essentially reapply for a mortgage deal. There’s no guarantee you’ll qualify again, especially if your circumstances have changed.
Borrowing Limit – If you need to increase your borrowing requirement for a more expensive property, your lender may not permit it if you’re already close to your borrowing limit.
Two Loans – Borrowing more might result in two mortgage products, each with different rates and end dates.
Higher Interest – Porting limits your options, and you might end up with a higher interest rate compared to other available deals or a remortgage. We’re experienced in mortgage porting and can advise on your specific situation.
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Preparing for Mortgage Porting
Before committing to a new property, ensure that you qualify for porting your mortgage. Wait to make any contractual commitments until you can provide the new property details. It’s advisable to speak with a qualified consultant prior to making any decisions.
Unable to Port Your Mortgage and switching to a new Mortgage? – Leaving your existing mortgage may incur substantial fees, such as early repayment charges, exit fees, and fees for a new home loan. Be prepared for these costs. Your adviser will help you with any questions you may have.
Comparing Porting and New Mortgages – Leaving your existing mortgage may incur substantial fees, such as early repayment charges, exit fees, and fees for a new home loan. Be prepared for these costs. Your adviser will help you with any questions you may have.
Porting mortgage process – Regardless of the option you choose, you’ll need to go through a new mortgage application. Expect scrutiny of your financial situation, credit history, and the property’s suitability. Lenders will assess your ability to afford the repayments, so be prepared for a thorough financial review.
Seek Professional Advice with Liquid Expat Mortgages
As qualified and Experienced Mortgage Consultants we are available to help guide you through the entire process. We will be able to advise you based on your unique circumstances, including your income, credit score, and property type. We can help you find the right lender and mortgage product.
Remember, porting a mortgage can be convenient, but it’s crucial to consider all your options carefully, as a new mortgage deal may offer better terms or financial advantages. Weigh the pros and cons, crunch the numbers, and ensure that your decision aligns with your current financial situation and future goals.
For more personalised guidance, consider talking to a Expat Mortgage Broker at Liquid Expat Mortgages to make an informed choice regarding your mortgage during your move.
Get Professional AdviceMortgage Porting Case Studies
Learn about how our expert team helped Expats and Foreign Nationals port their Mortgage in the United Kingdom, despite difficult or complex circumstances.
VIEW MORE CASE STUDIES
Case Study – Emily’s Smooth Mortgage Porting Transition
Read this great case study on how Liquid Expat Mortgages helped a UK expat living in Australia for 17 years to port her UK mortgage.
Read more
15
Jan
Jan
Case Study – Michael’s Property Upgrade
Read this great case study on how Liquid Expat Mortgages helped a UK expat who opted to port their mortgage to meet changing financial dynamics.
Read more
01
Dec
Dec
Case Study – BR’s Investment Strategy
Read this great case study on how Liquid Expat Mortgages helped a UK expat port his mortgage and release equity to invest in a second property.
Read more
08
Jun
Jun
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❝ I would like to thank you and the other behind the scenes staff at Liquid Expat for all your professional help with obtaining a mortgage for us which enabled us to make the purchase of this buy to let property. ❞
❝ Buying a property overseas is not a stress free process, but Liquid Expat Mortgages has been instrumental in reducing my level of stress and ultimately securing a mortgage lender for me in the United Kingdom. ❞
❝ I would like to commend the excellent support we received in our recent recent buy to let remortgage application which proceeded faster than we could have hoped. She kept us fully in the picture throughout. ❞