Porting Explained
Porting a mortgage is the process of moving a mortgage product across from one property to another.
Often people will move before they have had time to pay off a mortgage.
For instance with a standard 25 year rate mortgage then clearly you need to live in that property for a total of 25 years in order to pay off the mortgage.
Therefore when people move many prefer to transfer their existing mortgage, sometimes slightly revised, than to try to close one off and take up a new mortgage with the same lender or indeed another.
This process is called porting, and can be relatively straightforward or fairly complicated depending on the two properties involved and your existing mortgage and financial situation. There are terms and conditions that will apply from any lender when porting.
Property Articles
We hope you find this mortgage glossary / explanation of mortgage terms useful. You might also be interested in our articles on a range of property related issues, a selection of which are listed below:- Guarantor Mortgages
- Buying a New Build
- Buying At Auction
- West Country Property
- Home Buying Milestones
- Self Certified Mortgage
- Property Auction Glossary
- Property Purchasing in Spain
- Sourcing a Good Letting Agent
- Green Mortgages
- Home Information Pack Contents
- Spain and Utility Services
- Overseas property mortgages
- Renting Out a Room
- Commercial or semi-commercial mortgages
