Did you know that you can move the mortgage on your current home to a beautiful new Avant home?
This is called mortgage porting and it is an excellent option for people with an existing home who want to move quickly and efficiently!
With interest rates currently high, if you have a great mortgage rate on your current home, then why not take that with you?
Porting your mortgage deal means staying with your existing lender, on your current rate but moving your mortgage to a new home.
When you move, your existing mortgage will be paid off with the proceeds of the sale of your home. Then you’ll move to a new home with the same lender, rate, and term. The amount you borrow can differ, so you can move to a more expensive home, or downsize if you like!
Porting your mortgage allows you to stay on your current mortgage rate but move to a new home. By porting your mortgage, instead of getting a new one, you can avoid exit fees and early repayment charges.
Porting is a quicker process, compared with applying for a whole new mortgage, as your lender already has a lot of your information to hand.
It’s important to note that you do have to reapply for your mortgage when porting, as the loan to value of your new property may be different. If you are buying a more expensive home, your lender will have to confirm that you can afford it, by re-evaluating your personal circumstances and running an affordability check.
If you are borrowing more than your current home is worth, the extra money on top of your current borrowed amount, may be subject to a top up rate. This means the additional amount you’ve borrowed is on a different rate to the mortgage you’ve ported.
If you are thinking of downsizing and moving your mortgage deal to a cheaper home, you may be able to pay back some of what you owe to your mortgage lender.
Most mortgage deals will allow you to repay up to 10% a year of the outstanding balance without a charge.
There’s lots of pros of porting your mortgage, especially if your current mortgage rate and agreement is already spot on for you.
If you’re interested in porting your mortgage, speak to one of our helpful Sales Advisors, who can put you in touch with one of our recommended new build mortgage specialists, who can guide you through the process.
