All You Need to Know About Mortgage Transfer Process in the UK

This is referred to as porting your mortgage, which means that your current mortgage deal, including your payment plan, will be moved over to another property. Not all mortgages can be ported over, so it would be worth checking with your current lender to see if this is an option.

What is the process of porting your mortgage? Usually, you will need to make an application to your lender again, which will be assessed based on their criteria and your current situation for eligibility. It is worth noting however that the criteria may have changed since your previous application.

Porting your mortgage may not be the best option, and in our current climate there are competitive re-mortgage deals available, and it would be worth exploring, especially since you would be making a new application to port anyway.

Another good reason to shop around is to consider the equity (Loan to Value) that you will have built up in your property since the initial application. What is a loan to value? Briefly, this is the percentage of the property you own, versus how much is mortgaged.

This would hopefully be higher than the deposit that you paid, and with the addition of capital repayments, the potential to get a more attractive deal is highly plausible.

For example, your property is currently valued at £200,000. You bought the property ten years ago, valued at £100,000, with a deposit of 10% (10% equity), which meant that you took out a loan amount of £90,000 (90% loan) at the time. However, over the 10 years of owning the property, you paid off £15,000 of the loan, and now only have£75,000 left to pay. This would mean that today, you have the value of £125,000 in your property, which would equate to 62.5% equity in your home.

Whether you port your mortgage or decide to take out a new deal, there will certainly be fees to pay, such as arrangements, and any product related ones. Having a chat with a broker is usually a good option, and most will be happy to have a no-obligation call.

Would you like to discuss your mortgage options?

As an independent mortgage broker, we have access to comprehensive mortgage and insurance markets, giving competitive options and prices across both residential and commercial products. Get in touch to see how we can assist.

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