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new mortgage vs porting mortgage
tiger135
Posts: 438 Forumite
can anyone clarify:
-if i buy a house i need proof of income for a mortgage
-if i buy a house i need proof of income for a mortgage
-if i already have a mortgage and payments up to date, can i port the mortgage to another property without all the income checks i did to get the mortgage in the first place?
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Comments
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No, you are porting the terms of your old mortgage to a new mortgage which will be subject to affordability testing again.You are not transferring the actual mortgage...0
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thanks so there is not a lot of advantage by already having a mortgage, like i thought? - if you have to go through all the checks again like you did first time?
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They only advantage is you get to move house and don't pay the early repayment fees. It is essentially a new mortgage and is treated the same.tiger135 said:thanks so there is not a lot of advantage by already having a mortgage, like i thought? - if you have to go through all the checks again like you did first time?0 -
... you get to keep your rate as well, so it is not without advantages in times of rising interest rates...
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