Points to Keep in mind while moving home (Porting)

Porting your mortgage means transferring the mortgage to another property when you move, provided certain requirements are duly met. 

You don’t need to pay ERC (early repayment charge) on your mortgage, assuming that you are not decreasing the mortgage balance while you move the property. 

Key things to consider when porting:

Before you apply for porting your mortgage, you must have completed your new mortgage before six months. You will be asked to pay ERC as redeeming the mortgage if you don’t finish purchasing your new house on the same day. However, we will help you refund your ERC (all or part of it) if you complete your new mortgage with us within six months of redeeming and borrow more or the same amount. Your new loan amount will determine the amount refunded. Also, during the last twelve months, your account needs to be updated and should not be in arrears. The new property is required to be done with a valuation. 

How the process works

At Manchester mortgages, we provide you various options available to you with your current lender and other lenders from the market. We give you details about the amount of money involved in the purchase and sale of property and additional costs involved in solicitor’s cost, survey fees, stamp duty, and estate agent fees. 

How Manchester Mortgages can help you with mortgages for moving house

Selling an existing property is a stressful job which may see several problems as a chain of buyers and sellers are involved in this process. If any one of them pulls out their purchase or sale, then trouble may arise. Our team at Manchester mortgages provides you with expert advice that we’ve gained over several years. 

  • We deal /liaise with the solicitor, estate agents, and builders on your behalf for updating the application and ensure the progression of the application process
  • We help you proceed further when you find the right property by obtaining an agreement or decision in principle. 
  • We assist you in all the paperwork process and ensure completion if the mortgage application
  • We give you details about the monthly cost and how much you can borrow  
  • If, in worst case, anyone out of the chain pulls out of their purchase /sale 

then we can liaise with estate agents, lenders, valuers, and solicitors on your behalf to make sure that the sale of your property is secured as well as the purchase of your next property. 

How much will it cost?

There are tariffs and certain fees charged, such as stamp duty, moving cost, solicitor’s fees, etc., for transferring your mortgage  to another property.