Can I port my mortgage to a new property in Harrogate?
Porting Mortgages | Mortgage Advice in Harrogate
The majority of High Street Mortgages on the property market are portable. A portable mortgage simply means you are able to transfer it onto another property without penalty. This comes in handy if you are thinking of Moving Home in Harrogate and are currently in the middle of a fixed rate deal because it will mean you can potentially avoid an early repayment charge.
Are all Mortgages Portable?
Though a lot of mortgages are portable unfortunately, some aren’t. If you are with a Specialist Lender then you may not have the option to port your mortgage however, if you get in touch with the Lender then you will be able to find this out.
Should I Port my Mortgage?
Despite porting being an option to most, not all customers choose to follow through with the porting option. This could be down to the reason that when you move and port a mortgage – it means reapplying, and sometimes, lenders will not lend you the extra money you may need in order to be successful in Moving Home in Harrogate. Additionally, the funds may be on a different rate to the ones that you have on your current deal. Depending on the deal that you are offered you might just decide to roll with the early repayment charge and swap to a different lender.
What is a Sub Account?
Sub-accounts are created on your mortgage when it’s ported and additional monies end up being on a different deal to the original. Thus two rates of interest apply even though you only have one mortgage and one direct debit. Further down the line, having a sub-account can be quite annoying as the different products may overlap each other. In order to get them back aligned at some point will mean one of the sub-accounts having to drift into the Lenders’ Standard Variable Rate for a period of time.