Can I Port My Mortgage To A New Property In Sunderland?

If you were aware of what a portable mortgage is it means that you can move the mortgage from one property to another without penalty. In any case, this can come in handy if you are planning on moving home in Sunderland and you are in the middle of a fixed rate deal because you may be able to avoid an early repayment charge.

Are all Mortgages Portable?

Most high street mortgages that get offered are portable. A portable mortgage is an option. However, not all mortgages are portable. If you are with a specialist Lender, then you may not have the opportunity to port. The most natural solution to finding this out would be to call your Lender and enquire.

Should I port my Mortgage?

When porting is obtainable, some customers choose not to follow this road. It could be that your Lender will not lend you the extra money that will allow you to move to a new house. Additional funds offered might also be different rate to ones on the current deal. In any case, depending on the current agreement and existing deals available, we suggest that it is best to pay the early repayments charge and swap to a different Lender.

What is a Sub Account?

A sub-account is created and added onto the mortgage should it be ported and additional monies end up being on a different deal to the original one. In any case, this means that only one mortgage gets set up and one direct debit, but two different interest apply.

Sub-Accounts can be quite tricky products that can overlap with each other to get these back aligned at some point will mean one of the sub-accounts will have to drift onto the Lenders standard variable rate for some time.