ADVICE COLUMN: Lanarkshire broker on merits of porting your mortgage

Hello and welcome to this month’s edition of my mortgage advice column.

Over the last few weeks, I’ve had multiple conversations with clients who are already tied in to an existing mortgage deal, such as a fixed rate, but now want to look at the possibility of moving home.

This is where we discuss the option of ‘Porting’.

Porting a mortgage involves repaying your existing mortgage when you sell your property and taking out another mortgage on the same terms with your existing provider, meaning you’re essentially taking a new loan.

This can be advantageous if you have a lower interest rate or have a lengthy term that you don’t want to leave behind.

You apply to port your mortgage much like you would the first time you applied for the mortgage. You’ll need to declare your income, financial commitments and will be subject to further credit checks.

How does it work?

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