If you are a homeowner with a mortgage to your name, you may notice that a certain amount of high street mortgages that are on the market are portable.
A portable mortgage in Scunthorpe works by taking your mortgage from one property to another if you decide to move home and want to avoid the penalty charge for doing so.
For those looking to move into a new home and are already going through your fixed rate mortgage deal, a portable mortgage could be helpful as you will have the potential to avoid having an Early Repayments Charge (ERC) for moving.
Remember, not every mortgage deal that is available on the market is portable. This is even less likely if you are on a mortgage with a specialist mortgage lender because their mortgage is probably more complex to qualify initially and they would discourage you to port it.
In order to find out if porting a mortgage will be available to you, we would highly suggest that get in contact with your mortgage regarding this.
In some cases, a homeowner may decide that option is not fit for them and choose not to even if their mortgage is flexible enough to achieve this.
There is a range of reasons why customers may not look to port their mortgage. For instance, the mortgage lender may not be willing to provide the additional funds or the different interest rate in those funds.
With this in mind, it may be best to accept the Early Repayment Charge (ERC) and move to a different mortgage lender altogether, however, this only applies if it works out cheaper to go to that new deal.
This is when an account will be attached to your mortgage when you look to port it and the extra funds will move onto a deal different from your original mortgage.
Due to this, each of these will be on two different rates of interest that are applied on both the mortgage and the direct debit.
Keep in mind that because products can overlap, it can become an issue further down the line which means it might need looking into in the future so they are realigned. With this, it may mean one of the sub-accounts falls onto a lender’s variable rate briefly.
For those looking to Move Home in Scunthorpe or are looking for a Buy to Let in Scunthorpe, contact and speak to a mortgage expert.
Through our 20-plus years of experience as a Mortgage Broker in Scunthorpe, we take pride in helping thousands of mortgage applicants in circumstances like this and will work hard in supporting you towards achieving your mortgage goals.
Last Edited 12/09/2022