Can you transfer your current mortgage to another property?

You bought your new house three to four years ago. But now, you have decided to sell that home and find a better place to reside. It is a good idea, but are you in the middle of the 5-year term? If so, then you might be thinking of breaking engagement on your Live Transfer Mortgage Leads. This is not the way things work because you can port the mortgage to your new house. So, yes, you can transfer your current property to another one. But here, the question is how these things work. What are the ways through which you can move your mortgage? Let us understand them in brief. 

What is transferring a mortgage?

Transferring a mortgage refers to moving an existing mortgage from one property to another with the same rate and terms. Only if you're buying a new property at the same time as you're selling your old one can you port your mortgage. Unlike mortgage refinancing, porting a mortgage doesn’t require you to break your mortgage and pay pre-payment penalties. 

• Can you port the mortgage?

Yes, it is possible to port the mortgage to a new property. You can do this with the process called mortgage porting. You are transferring the interest rates and terms and conditions to the new property. For all these, you have to have a complete understanding that not all mortgage products are portable. 

How does the transfer of the mortgage work? 

You might be wondering about the steps to transferring the property. Here are some steps to follow-

(I) Check whether the mortgage is portable. 

So, when you decide on porting your mortgage, you have to check whether it is portable or not. It is because it has been seen that not all mortgages are portable. You can ask your lender about this information. 

(II)- Evaluate its pros and cons. 

The next thing you have to do is to check whether porting a mortgage will be an ideal option for you. Check its pros and cons and then come to any decision.  

(III)- Check on the early repayment charges. 

This is an important step to include in your process. You have to work on the overall cost involved and whether early repayment charges will apply when you sell the house or not. 

(IV)- Talk to the mortgage broker

You must talk to the mortgage broker before coming to any conclusion. Throughout the process, they will assist you in finding the best and most reliable option. The best part is that they will help you throughout the entire process to get the best deal.

What are the factors affecting porting the mortgage? 

When you are porting the mortgage to another property, you need to work on the various factors affecting it. Here are some of the factors that affect it.

• Whether the circumstances have changed

Imagine what if your personal and employment circumstances had changed. The case could be either your credit score has improved, and you can opt for a good deal for a mortgage, or your credit score dropped, and in that case, porting might be a bad decision. These things need to be taken care of. 

• The price of the property 

The price of the property is the next thing you need to check. If you port the mortgage to a cheaper property, there will be no borrowing. But despite this, if you go for the expensive property, you will need to take out additional borrowing. You have to consider all these things because there may be a risk of getting the mortgage declined. 

• Type of property 

The next factor that affects the porting of a mortgage is the type of belongings. Transferring it to any unusual or non-standard property can put you at high risk. They'll want to know if the property is adequate security for the loan so that if repossession occurs, they can easily resell it. If the property is unusual, there will be a higher chance of mortgage rules not allowing the specialist property. 

• Bad credits 

This could be another factor. Bad credit can affect your ability to get a mortgage. If you have bad credit, you will likely get rejected. Most banks usually do not consider a borrower who wants to port the mortgages. So, if you desire to port the mortgage to a new property, you have to show that you do not have bad credit.  

Porting the mortgage can be beneficial for you, but sometimes can make you charge more. If you have proper financial sense, then it's better; otherwise, it's wise to contact a professional. They will help you buy the MCA Live Transfers Leads. You should contact a reliable mortgage broker. You can search for it on Google and have your work completed sooner.