Portability

A portable mortgage is quite common feature amongst most mortgages taken out. This should be highlighted by the mortgage advisor and illustrated on a mortgage offer.

A portable mortgage is where the mortgage is transferable without PENALTY if you move home. Without this feature an Early Repayment Charge maybe payable if the consumer decides to move within the scheme period.

A portable mortgage is suitable to those seeking to move home in the short term. Applicants whom seek to move within the short term for whatever reason i.e. bigger property are advised to take out a mortgage with a portable feature

It is important to note that not all mortgage products are portable especially in the sub prime market.

At the initial mortgage application stage, a Key Facts Illustration will demonstrate whether the mortgage is portable or not. The Key Facts Illustration will highlight all features of a proposed mortgage.

If you require mortgage advice on portability and you’re a first time buyer; please submit your details above and one of our mortgage brokers will call you. We Know Mortgages Ltd have access to thousands of mortgage products across the high street and building societies. We’ll guide you through the mortgage process from start to finish.