Moving home can be exciting, but it also comes with financial decisions that need careful consideration. One question many homeowners ask is whether they can port their existing mortgage to a new property, and if doing so is the right choice for them.
What Does Mortgage Porting Mean?
Mortgage porting allows you to transfer your current mortgage deal to a new property, keeping the same interest rate and terms. This can be particularly useful if you have a favorable rate or want to avoid early repayment charges.
If you’re based in Worthing or elsewhere in Sussex, working with a trusted broker can help you understand your options. Everest Mortgages supports homeowners across Worthing and the wider Sussex area, guiding them through whether porting their mortgage is the best financial decision.
When Does It Make Sense to Port Your Mortgage?
Porting may make sense in situations such as:
- You’re moving to a property of similar value
- Your current mortgage rate is lower than the market rate
- You want to avoid penalties for early repayment
- You plan to maintain the same lender relationship
A mortgage broker familiar with local properties can advise if your circumstances make porting worthwhile. Many homeowners in Sussex turn to Everest Mortgages, who understand the market in Worthing and across the wider Sussex area.
How Brokers Help With Mortgage Porting
A professional broker can:
- Review your current mortgage terms and conditions
- Assess whether your new property qualifies for porting
- Compare porting with remortgaging or getting a new deal
- Handle paperwork and liaise with your lender
Final Thoughts
Porting your mortgage can save money and make the move smoother, but it’s not always the best option. Consulting a local, experienced broker ensures you make the decision that fits your financial goals.
If you’re moving home and considering porting your mortgage, speaking to a trusted broker early can help you understand your options and move forward with confidence.
