If you have an existing mortgage and are looking to move to a new home, you will normally have two choices: porting your existing mortgage or paying it off and setting up a new mortgage.
Depending on the terms of your existing mortgage, you may be able to “port” your mortgage over to your new property. However, this entails a new application and there is no guarantee of acceptance, particularly if you are looking to increase your borrowing.
It’s important to bear in mind that there may be some cost to early settlement of an existing mortgage, particularly if it was arranged on a fixed rate basis for the early years.
Our mortgage team will investigate what is on offer from your existing mortgage provider and will find you the best solution for financing your new home. Contact us for a free initial consultation.