What Are Portable Mortgages?

The significant feature of a portable mortgage is that it is transferable if you move house. A portable mortgage is also referred to as mortgage portability and enables the borrower to transfer their mortgage to another property without accruing early redemption penalties.

Without a portable mortgage, penalties may be incurred if your mortgage has a tie in period & you choose to move properties during this period (usually 1-5 years). Mortgage portability is an arrangement agreed between the mortgage lender and the borrower; you must state that you require a portable mortgage before finalising a mortgage agreement.

Pros & Cons

• A portable mortgage enables you to keep your current mortgage deal when moving home, which can be a good option if rates are on the increase.
• If you move house it is treated as a new mortgage application, so you must still meet the lenders criteria in order to port the mortgage.
• Mortgage portability comes at a price and you will likely pay slightly more to have this option.
• If you know you are likely to move properties before your mortgage tie in period ends then a portable mortgage would be beneficial.

Our Offer to You

If you are unsure of whether a portable mortgage is the most suitable option for you then Remortgageexplorer can help. With access to specialist mortgage lenders, advice is readily available from advisors once you have completed our online application form. Each application is treated with the strictest confidence. Our aim is to find a mortgage deal most suited to your needs and requirements.

Simply complete our quick and easy mortgage application form to see if you are eligible for a portable mortgage. Apply now and see the benefits.