JE95_1
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So toward the end of last year, I took a mortgage out and after almost a year in the property I am not very happy with it. (The reasons why I took this mortgage out are for another day, so please don’t ask me why i did.)

I bought my property for £85,000 and have identified a property I would much prefer that is on the market for £94,000. Is it at all possible to transfer my current mortgage to this current one? I have briefly looked into “porting” a mortgage, but from what I have gathered it seems I would have to pay off the excess fee?

So essentially I have £75,000 left remaining of my mortgage and for me to port my mortgage to a different £94,000 property would I have to make up the excess £19,000 (94-19=75) in a payment due to not paying off the mortgage I have originally paid on the property I want to move into?

I appreciate this is slightly confusing but if you understand what I’m talking about please get back to me.
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RogerOxon
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(Original post by JE95_1)
So toward the end of last year, I took a mortgage out and after almost a year in the property I am not very happy with it. (The reasons why I took this mortgage out are for another day, so please don’t ask me why i did.)

I bought my property for £85,000 and have identified a property I would much prefer that is on the market for £94,000. Is it at all possible to transfer my current mortgage to this current one? I have briefly looked into “porting” a mortgage, but from what I have gathered it seems I would have to pay off the excess fee?

So essentially I have £75,000 left remaining of my mortgage and for me to port my mortgage to a different £94,000 property would I have to make up the excess £19,000 (94-19=75) in a payment due to not paying off the mortgage I have originally paid on the property I want to move into?

I appreciate this is slightly confusing but if you understand what I’m talking about please get back to me.
If your mortgage company accepts the new property as security for the current loan, they may allow you to port it. It's also possible that they may lend more, depending upon your income and expenses - you need to ask them.

However, it's worth seeing if your current mortgage is still the best deal. There will be other expenses that you will need to cover. Moving after only a year is expensive - is the other house really that much better? Could spending on your current house be a better option?
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Catherine1973
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most deals (say a 2 year fix) will have penalties for repaying it early, which is what really you'd be doing by repaying it and then taking out a new mortgage on the new place.

So yes they may charge a penalty if you try and port.

with stamp duty and legal fees and estate agent fees etc, most people don't buy and sell after just a year unless they HAVE to (divorce etc)

even then, you are often better renting out the place for a while until mortgage deal ends.
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RogerOxon
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(Original post by Catherine1973)
So yes they may charge a penalty if you try and port.
I think that you meant that the other way around, i.e. you may be liable for an early repayment penalty if you don't port (i.e. continue the existing mortgage on the new place).

(Original post by Catherine1973)
with stamp duty and legal fees and estate agent fees etc, most people don't buy and sell after just a year unless they HAVE to (divorce etc)
Agreed.

(Original post by Catherine1973)
even then, you are often better renting out the place for a while until mortgage deal ends.
The mortgage lender would have to agree, and would often change the terms (e.g. raise the interest rate) if the house is let. You also need to demonstrate that you're financially able to support both mortgages.
Last edited by RogerOxon; 1 month ago
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Catherine1973
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i was suggesting renting a new place, not buying a new place. yes lenders (in theory) need to approve a rental and may charge more. b
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Muttley79
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(Original post by JE95_1)
So toward the end of last year, I took a mortgage out and after almost a year in the property I am not very happy with it. (The reasons why I took this mortgage out are for another day, so please don’t ask me why i did.)

I bought my property for £85,000 and have identified a property I would much prefer that is on the market for £94,000. Is it at all possible to transfer my current mortgage to this current one? I have briefly looked into “porting” a mortgage, but from what I have gathered it seems I would have to pay off the excess fee?

So essentially I have £75,000 left remaining of my mortgage and for me to port my mortgage to a different £94,000 property would I have to make up the excess £19,000 (94-19=75) in a payment due to not paying off the mortgage I have originally paid on the property I want to move into?

I appreciate this is slightly confusing but if you understand what I’m talking about please get back to me.
It's not a great time to think about moving - your current house may have depreciated in value. I would put up with your current house - is the issue really worth losing money over?
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Kutie Karen
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I think it would be very costly after a year only to make this move especially in the current client. It really depends on your reasons for moving in such a short period. What are your reasons? Mortgage rates are very very low but hte housing market may decline and it might be worth wating.
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