Your first port of call for advice when Moving Home
Moving home can be complicated when there’s a mortgage involved. Should you stay with your existing lender or look elsewhere? This is a question we're often asked, and understand it can be overwhelming. Speak to an advisorMeet the team
Is porting your mortgage the way to go?
In some cases porting your existing mortgage can be the most cost effective option, but not always.
Porting your existing mortgage means that you’ll likely have a two part mortgage and that you’ll have two different products with different end dates. This can be troublesome if said lender isn’t offering the most competitive rates.
We want you to avoid any unnecessary early repayment charges but to also have absolute freedom and flexibility of being able to use any lender in the market when it comes time to remortgaging after porting.
Talk to us so we can put you on the right track, we’ll help you identify your mortgage options when it comes to moving and porting as it can be tricky to navigate.
Documents you’ll need when moving home
When submitting a porting application or taking a new mortgage when moving home, the lender will request to see similar documents they’d ask for when you applied for your first mortgage. This typically includes:
- Payslips, if employed, to evidence your earnings, this includes payslips in which you received your bonus or commission.
- Bank statements to demonstrate your incoming salary and so the lender can assess your regular outgoings.
- For self employed sole traders you’ll need to either provide 2 years worth of most recent tax calculations and tax year overviews or they will ask you to provide a reference from your accountants if you have one.
- For limited company directors, lenders will ask for either 2 years of finalised accounts or an accountant’s reference, depending on the lender.
Each lender has different requirements when it comes to providing documentation.
Once we’ve identified a suitable lender for your circumstances, we will confirm which documents will be necessary to support your application, before we submit the application on your behalf.
We’ll take care of your mortgage whilst you focus on moving
We have helped thousands of home movers transition their mortgages smoothly. Even with the most complex changes of situation of circumstances.
We’ll advise on all of the relevant documentation a lender may ask for to ensure we have everything ready and that your application goes smoothly, with minimal delays.
We’ll take the time to understand your situation and help you move your mortgage on the best terms.
Tell us about your mortgage requirements
Your moving home questions, answered
What is porting?
Porting a mortgage is effectively transferring your existing mortgage from one property to another when moving home.
You’ll keep the same interest rate and product and if you’re transferring on a like for like basis, you shouldn’t have to pay any early repayment charges.
What if I'm porting and I need to borrow more?
If you’re porting and need to top up, for example, if you’re upsizing and need further borrowing on top of your current mortgage, you’ll need to make sure you’re meeting the lender’s affordability requirements for the top up.
You’ll then have 2 parts to your mortgage and potentially 2 different products. If you’re unsure of how this might affect you, please get in touch with us.
What if I'm porting and my existing mortgage amount is more than I require?
If you’re downsizing and you don’t need the full amount of your current mortgage, you’ll still be able to port your mortgage.
However, you may incur early repayment charges on the amount that you don’t need to port.
Do I have to submit a new application when I port?
You will have to submit a new mortgage application to your existing lender when you want to port your mortgage.
It will be assessed in the same way your initial application was with credit checks, affordability assessment and full underwriting.
As mortgage brokers we can take care of this for you and relieve you of the stress of a new application.
What happens to my mortgage during a divorce or being made redundant?
When the unthinkable happens; you may not be moving by choice.
The change in circumstance will potentially have an impact on your affordability and eligibility for a mortgage and that means you may need to renegotiate your deal or find a new deal altogether.
If you’ve been made redundant or going through a divorce, you will likely need mortgage advice.