Last Updated: February 2nd, 2024 at 6:39 pm
When moving home, homeowners often face the choice between porting their existing mortgage or opting for a new one. This decision can significantly impact your financial situation and the flexibility you have with your new property. This guide compares new and ported mortgages, highlighting key differences, advantages, and considerations to help you make an informed choice tailored to your circumstances.
Opting for a new mortgage when moving can offer certain benefits:
However, securing a new mortgage involves undergoing the full application process again, which can be time-consuming and may incur additional fees.
Porting your existing mortgage to a new property also has its unique advantages:
However, the limitation lies in the potential lack of flexibility. The existing mortgage terms might not be as suitable for your new property or current financial situation.
When deciding between a new mortgage and porting:
Choosing between a new mortgage and porting your existing one is a pivotal decision in the home-moving process. It requires a balance of understanding current market opportunities, evaluating your financial position, and considering the long-term implications of each option. For expert advice tailored to your unique situation, consulting with a mortgage advisor can provide the insights needed to navigate this decision confidently.