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Can I sell my house and buy a new one with the funds, and transfer my old mortgage to the new property?

Posted on 1 July 2014 by Alec


Can I sell my house and buy a new one with the funds, but just transfer my old mortgage to the new property?

Alec.

What you are looking to do is known as "porting", which is where you sell your current property and move your existing mortgage to the new home, under the same loan amount and terms and conditions. Most residential mortgages are portable, however you would need to check with your existing lender that yours is. If so it should be a realtively straightforward transaction.

If you are looking to borrow more money, and there are no penalties with your lender, then it may be worth exploring some alternatives.

If you'd like to discuss your options in more detail, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you an idea of how we can help.

Regards,

Simon

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