Are mortgages transferable?

Figuring out how mortgages work can be tricky at the best of times. So, what happens when you want to do something which was not part of your original plan? One thing which could happen is that you want move house before paying off your existing mortgage. Is it possible to transfer your mortgage, and if so, is that really the best idea? 

The good news is that yes, many mortgages are in fact portable. This essentially means that it is possible to transfer your existing mortgage to a new property. Whilst it is theoretically feasible, there is a chance that you could be blocked from porting. There is no way to guarantee that your lender will agree to it. 

There are a few important things to note about porting a mortgage. Firstly, you will have to reapply for your mortgage, and there is no guarantee that you will qualify the second time round. If your circumstances have changed, such as having different income and outgoings, or if you are now self-employed, then you may not be able to get the mortgage. 

The second thing is that if you are moving into a pricier house, you will likely have to take out a larger loan, and there is no way to guarantee that your lender will allow this. Even if you can borrow more, there is a chance you will end up with two loans, which will lead to further complications. You could also end up borrowing at a worse rate of interest. 

All in all, it is probably a good idea to speak with a professional about your options if you want to transfer your mortgage. At Eminence Mortgages, we would be more than happy to help. 

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