One Branch Mortgages
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Home Mover

This could be for a variety of reasons;

- Your existing mortgage product has an early redemption charge (ERC) or penalty charge when you redeem the mortgage on sale of your existing property so you want to avoid this penalty charge.

- Your existing mortgage product is on a very low and hard to beat competitive rate – lifetime tracker or similar.

- We can help and arrange the “porting” of your existing mortgage lender.

- If you need to borrow extra funds for the new purchase then we can select and arrange and additional loan amount and mortgage product for this extra borrowing with the same lender – this means that you have two mortgage products for two separate loan amounts within the one mortgage offer and loan.

IMPORTANT

Sometimes you only have a short window of opportunity to port your existing mortgage and product which can be as short as one day to as long as 6 months or even one year.

This happens where you are selling first before buying another replacement property and have a time gap in-between the selling and buying events. When there is an early redemption charge Mortgage lenders will charge the penalty as soon as the property is sold as the mortgage is secured against that property– so a charge is always incurred in this event (even if you have a same day transaction of selling and buying). However the penalty charge or ERC will be refunded once you take up/ transfer / port the same mortgage product again onto the next property purchase but you have to be careful that you are not “timed out” on this opportunity.

Again the time you have to take up the porting window of opportunity varies from lender to lender.

All the more reason to seek expert independent mortgage advice from the Mortgage marketplace at One Branch.

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