Taking the mortgage with you

marklunn3602

Hi

Is it possible to take your mortgage with you when buying another house so as apposed to getting a new one?

Mark

herbiesjp

yes - as long as it is portable

However, beware, not all mortgages are portable, and there are no guarantees that you will be able to "port" the mortgage to the new property with the ones that are.

That is because porting a mortgage is fully underwritten again and treated like a brand new mortgage - so payslips etc etc will be needed.

If either your circumstances have changed, or the lenders criteria have changed, you may find that you cannot port the mortgage

koexelek

Herbie explains it well. You can port a mortgage Scheme, but you can't actually port a mortgage, as this is specific to a property and to the terms on which it was originally offered.