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Lifestyle > How to port your mortgage?

How to port your mortgage?

Sanmita on 14 Agustus 2019 | 51 views | 0 replies
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A mortgage is a legal agreement by which a bank, building the society, etc. lends money at interest in exchange for taking the title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

Thinking of relocating home with help of movers such as best packers and movers Mumbai to Bangalore, but need to keep your mortgage? You need not have to wait for a new deal, you can have the existing mortgage to your new house. Most mortgages can be moved from each property to another.

Here’s what you want to know regarding porting your mortgage:

1. Advantages of porting your mortgage

Many borrowers choose to port their mortgage as they are on a deal with a minimum interest cost or have an item with an early repayment cost. Repayment fees are normally between 1 percent and 5 percent of the outstanding debt calculating on how long you’ve left from your intro deal or with a hefty bill.

2. You should re-apply

If you question your lender to port your mortgage, you should effectively re-apply for that deal. These days, lenders have stricter affordability needs and when you do not meet their current criteria, you might not qualify.

3. What if you want to borrow a lot?

When you shift to a very costly property, you might need to borrow extra cash. When your lender is accepting to provide you much, they might insist that you apply individually for more charges, which is likely to include an organizing fee and probably more rate.

When you do end up with 2 mortgages and their first periods' end at various times, be careful that you might revert to a larger rate on the one that completes the earliest.

4. What if my lender does not allow it?

You can talk to your lender and question whether they could review their decision, but, do not bank on them altering their mind.

When you think that you are treated badly by your lender, get in touch with the Financial Ombudsman Service and Financial Conduct Authority.

If both choices work, your final choice is to find another lender, but you could face potentially bigger fines.

5. What if there is a delay between selling and buying?

When the purchase and sale do not happen simultaneously, many lenders provide a grace time of up to thirty days. When the gap is longer, it might be not able to port your current offer.

However, when you select for a deal with the similar lender, they might refund the early re-payment costs.

Hence, you must know regarding porting your mortgage.

14 Agustus 2019, 18:30
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