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What is mortgage porting?
If you’re moving home and have a mortgage on a property it may be worth considering porting your existing mortgage, a term otherwise used to describe transferring your mortgage from one property to another. Whether it’s possible to port your mortgage or the right thing to do will depend on several factors. In this guide we explain all there is to know about porting your mortgage.
Are NatWest mortgages portable?
The vast majority of NatWest’s mortgages are portable, however it’s worth checking the terms and conditions of your mortgage to confirm. Certain mortgages with schemes attached for example may not be transferable to other properties. Although the mortgages themselves may be portable, it’s not a given that you will qualify to transfer the mortgage.
Mortgage lenders will typically carry out affordability, criteria and credit checks when assessing your ability to port a mortgage. If you’re not looking to borrow additionally you may have less stringent checks than those looking to buy more.
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NatWest porting explained
Porting can take several forms. It could involve simply transferring your current mortgage, along with its current terms, to a new property without altering the balance. However, it may also be possible to borrow additionally or reduce your mortgage balance, for example, if downsizing. You may also be able to adjust the terms of your mortgage, such as increasing or decreasing the term of the loan on either the existing balance or any additional funds.
For those looking to borrow additionally, they will transfer their current mortgage on its original product, and any further borrowing is generally on a separate product, which may have different product expiry dates compared to the original mortgage.
The pros and cons of porting a NatWest mortgage
There are certainly plenty of potential advantages when porting a mortgage. However, there are also some potential disadvantages. We’ll explore the pros and cons below.
Pros:
Avoid Exit Fees: When porting a mortgage, you can avoid paying exit fees associated with closing your current mortgage early. This can save you a significant amount of money.
Potential Cheaper Rates: Your existing borrowing may have a cheaper interest rate than what is currently available on the market for new mortgages. This can result in cost savings over the life of the loan.
Streamlined Process: Porting a mortgage can be more streamlined since you are already familiar with the lender’s processes and requirements. This can be especially advantageous for those who are not looking to borrow additional funds.
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Cons:
Limited Product Choice: When porting a mortgage, you may have access to a limited range of products offered by your lender. This could mean missing out on better deals or products that are better suited to your current financial situation.
Suitability of Products: The products available for porting may no longer be suitable for your needs or preferences. Your financial situation or priorities may have changed since you first took out the mortgage, making the available products less ideal.
Complexity with Sub-Accounts:
Porting a mortgage can result in having multiple sub-accounts, especially if you have made changes or adjustments to your original mortgage. This can make the process of remortgaging more complex, particularly if the fixed-rate end dates of these sub-accounts align, potentially limiting your flexibility in renegotiating terms or seeking better deals.
Overall, while porting a mortgage can offer certain advantages such as cost savings and familiarity with the lender, it’s essential to carefully consider the potential limitations and complexities involved to ensure it aligns with your long-term financial goals and needs.
What is the process of porting a NatWest mortgage?
The porting application process is very similar to that of any other application. It will still involve an agreement in principle, credit check, mortgage valuation and underwriting. You will still need to evidence proof of income and bank statements like any other application. There may be some leniency in some cases for those looking to only port the same amount or less than their current balance.
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Conclusion
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Whether porting is right for you will depend on your own circumstances and the options available to you. If you are eligible to port and can either avoid large exit fees, currently have better terms than what’s available on the market, and can secure a suitable deal, there are certainly plenty of benefits to consider.
How can Strive help
At Strive, we have extensive experience in handling mortgages for home movers. We can compare your options for both porting your current mortgage and reviewing other lender options, helping you decide on the best course of action. If you’re interested in moving and want to explore your options, please get in touch, and one of our friendly team members will be more than happy to help.
FAQ’s
– Can I transfer my NatWest mortgage to another property? Yes, subject to affordability, criteria, and credit checks, like any other application.
– Do I need an AIP to port a mortgage? Yes, the process is largely similar to any other application and involves securing an AIP and running a credit check.
– NatWest mortgage porting rules – NatWest mortgages generally have the option to port, although it’s worth checking your terms and eligibility with a mortgage broker to confirm.
– NatWest porting calculator – There are calculators available to help assess your ability to port, although these are generally only available to advisors or intermediaries.
– Can’t I use a broker to port my mortgage? Yes, it’s possible to use a mortgage broker to help with your porting application, generally resulting in a smoother and faster process than dealing directly with the lender.
– What are NatWest porting rates? The rates on your current borrowing will stay the same, and any top-up borrowing will depend on the rates at the time of application.
– Can I borrow more money when porting my mortgage? Yes, subject to affordability, criteria, and credit checks.
– Is it worth porting my mortgage? In many cases, yes, although it will depend on the terms offered to you.
– Can I transfer a buy-to-let mortgage to another property? Yes, some buy-to-let mortgages are portable, although it’s worth checking your current mortgage terms.
– Are all mortgages portable? No, some mortgages are not portable. Most mainstream residential mortgages have the option to port, although not all.
– Can a porting mortgage be refused? Yes, like any other application, they undergo a full assessment and can be declined based on criteria, affordability, etc.
– How long does a porting mortgage application take? It varies by lender, time applied, and case specifics, but typically 1-2 weeks.
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For more information on mortgages for contractors, please contact a member of the Strive team, by emailing [email protected] or call us on 01273 002697.
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