{"id":974,"date":"2022-01-03T20:21:55","date_gmt":"2022-01-03T20:21:55","guid":{"rendered":"https:\/\/www.yopa.co.uk\/homeowners-hub\/?p=974"},"modified":"2022-01-04T11:01:58","modified_gmt":"2022-01-04T11:01:58","slug":"can-you-transfer-your-mortgage-to-a-new-property","status":"publish","type":"post","link":"https:\/\/dy36-2.stage.yopa-dev.co.uk\/homeowners-hub\/can-you-transfer-your-mortgage-to-a-new-property\/","title":{"rendered":"Can you transfer your mortgage to a new property?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">If you are an existing\nhomeowner, one of the most important decisions you\u2019ll make when moving home is\nhow to deal with your existing mortgage contract. More specifically, should you\ntransfer your mortgage to the new property or start from scratch? <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is Mortgage Porting?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you decide to opt for a new mortgage, you may have to pay penalties and early repayment fees on your existing loan. However, \u2018porting\u2019 allows you to keep the current mortgage along with its terms, rate, and lender. Furthermore, mortgage porting can save you the trouble of paying early repayment charges if you are locked in to an introductory offer period. These fees are usually somewhere between one to five per cent of what you owe or \u2013 on a \u00a3200,000 property \u2013 between \u00a32,000 and \u00a310,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Luckily, most mortgages these\ndays are portable, and often you can start the porting process by simply talking\nto your lender and applying for a transfer. However, you can only port your\nmortgage if your existing property is up for sale at the same time you are\nbuying a new home. Furthermore, when requesting to transfer the mortgage, you\nare essentially applying for a new loan. Therefore, your current financial\nsituation and employment will be under scrutiny just as it was when you first\napplied for a mortgage. Something to be aware of, especially if your financial\ncircumstances have changed since your previous application!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Is Mortgage Porting Beneficial?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Applying for a mortgage is\nstressful, and there is no guarantee that you will qualify, regardless of\nwhether you are porting a mortgage or applying from scratch. However, porting\ngives you an advantage, since your lender has your track record on file. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, transferring your mortgage means that you won\u2019t usually need to pay an exit fee (usually a few hundred pounds), nor any arrangement fees which would usually be bundled in with a new mortgage.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"819\" src=\"https:\/\/yopa-production-wordpress-content.s3.eu-west-1.amazonaws.com\/homeowners-hub\/uploads\/2022\/01\/moving-home-mortgage-porting-1-1024x819.jpg\" alt=\"\" class=\"wp-image-2908\" srcset=\"https:\/\/cdn.yopacrm.yopa.co.uk\/homeowners-hub\/uploads\/2022\/01\/moving-home-mortgage-porting-1-1024x819.jpg 1024w, https:\/\/cdn.yopacrm.yopa.co.uk\/homeowners-hub\/uploads\/2022\/01\/moving-home-mortgage-porting-1-300x240.jpg 300w, https:\/\/cdn.yopacrm.yopa.co.uk\/homeowners-hub\/uploads\/2022\/01\/moving-home-mortgage-porting-1-768x614.jpg 768w, https:\/\/cdn.yopacrm.yopa.co.uk\/homeowners-hub\/uploads\/2022\/01\/moving-home-mortgage-porting-1-50x40.jpg 50w, https:\/\/cdn.yopacrm.yopa.co.uk\/homeowners-hub\/uploads\/2022\/01\/moving-home-mortgage-porting-1-1500x1200.jpg 1500w, https:\/\/cdn.yopacrm.yopa.co.uk\/homeowners-hub\/uploads\/2022\/01\/moving-home-mortgage-porting-1-2000x1600.jpg 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Factors to Consider Before Porting Your Mortgage<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1.Your current mortgage deal<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unfortunately, not all mortgages are transferable; check your paperwork to find out if yours is. Your legal agreement should have all the details, or you can ask your lender for clarification. If it is not portable, there is unfortunately nothing you can do. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Interest rates<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By definition, porting a mortgage means sticking with your\ncurrent lender, even though there may be more favourable rates of interest\navailable elsewhere. Our advice is to do your sums, and determine whether it\nmakes financial sense to either pay fees for a new mortgage or to take the hit\non higher interest rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. The cost of the new home<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re looking to downsize then porting a mortgage is often a good option. You\u2019ll still likely need to pay for a valuation, and your case will still go through an underwriter, but since you aren\u2019t asking for any additional funds then it does make the process more straightforward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Conversely, if you\u2019re looking to port your mortgage to a more expensive property then things can become a little more complex. As well as needing to go through the lenders affordability checks and paying for a valuation, your lender may well ask for the additional borrowing to go on a separate mortgage product, which in itself would entail an arrangement fee. Furthermore, it\u2019s likely that this separate mortgage product would have different rates to your existing loan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">When Is Porting Not Worth It?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If the terms are not\nfavourable or the rates are not competitive, it is almost certainly better to\nswitch your mortgage. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The key here is to do your\nmaths and shop around. In particular, try to find the lowest interest rate mortgage\non the market and compare this to your current deal. If the difference is more\nthan you will be paying for arrangement fees and exit fees then porting may not\nbe for you.<br><\/p>\n\n\n<div class=\"valuation-widgets\">\n    <div class=\"valuation-widgets__col\">\n        <a href=\"https:\/\/www.yopa.co.uk\/online-valuation\" class=\"valuation-widget\">\n            <div class=\"media\">\n    <div class=\"media__media\">\n        <img decoding=\"async\" src=\"https:\/\/dy36-2.stage.yopa-dev.co.uk\/homeowners-hub\/wp-content\/themes\/yopa\/assets\/images\/icon-house.svg\" alt=\"\" role=\"presentation\">    <\/div>\n    <div class=\"media__inner\">\n        <div class=\"media__heading\">\n            Instant online <span class=\"chevron\">valuation<\/span>        <\/div>\n        <div class=\"media__content\">\n            <p>Get a rough estimate of your home's value now.<\/p>        <\/div>\n    <\/div>\n<\/div>\n        <\/a>\n    <\/div>\n    <div class=\"valuation-widgets__col\">\n        <a href=\"https:\/\/www.yopa.co.uk\/property-valuation\" class=\"valuation-widget\">\n            <div class=\"media\">\n    <div class=\"media__media\">\n        <img decoding=\"async\" src=\"https:\/\/dy36-2.stage.yopa-dev.co.uk\/homeowners-hub\/wp-content\/themes\/yopa\/assets\/images\/icon-currency.svg\" alt=\"\" role=\"presentation\">    <\/div>\n    <div class=\"media__inner\">\n        <div class=\"media__heading\">\n            Face-to-face <span class=\"chevron\">valuation<\/span>        <\/div>\n        <div class=\"media__content\">\n            <p>Book an appointment with your local Yopa agent.<\/p>        <\/div>\n    <\/div>\n<\/div>\n        <\/a>\n    <\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>If you are an existing homeowner, one of the most important decisions you\u2019ll make when moving home is how to deal with your existing mortgage contract. More specifically, should you transfer your mortgage to the new property or start from scratch? What is Mortgage Porting? If you decide to opt for a new mortgage, you<\/p>\n","protected":false},"author":4,"featured_media":2910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Porting a Mortgage to a New Home - Yopa Homeowners Hub<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dy36-2.stage.yopa-dev.co.uk\/homeowners-hub\/can-you-transfer-your-mortgage-to-a-new-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Porting a Mortgage to a New Home - Yopa Homeowners Hub\" \/>\n<meta property=\"og:description\" content=\"If you are an existing homeowner, one of the most important decisions you\u2019ll make when moving home is how to deal with your existing mortgage contract. 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