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Quick guide to porting a mortgage and borrowing more

A question frequently asked by homeowners wanting to move up the housing ladder and buy a new home is whether they can take their existing mortgage with them or if they need to start all over again.

The good news is that it is generally quite possible, and often likely to be advantageous, to take your mortgage with you when moving house – and the process is called porting.

Porting

Porting is the process by which you transfer your existing mortgage to a new house you are buying.

As the Money Saving Expert points out, this flexibility in the way you use your mortgage may be very welcome, but it is by no means guaranteed. Many lenders offer the flexibility because, of course, they want to keep your business – and it may provide you with the chance to retain favourable mortgage terms.

If you satisfy the conditions imposed by your lender concerning the porting of your mortgage, you can keep the product with which you are satisfied and, …

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Can I get a mortgage on a mortgage-free property?

When there is no mortgage on a property – you have repaid any mortgage and own your home outright – it is said to be mortgage-free. The technical term for such a mortgage-free property is an “unencumbered” property – it is unencumbered by any mortgage, loan, charge, or other financial restriction.

Why mortgage an unencumbered property?

If you own your home outright, there is valuable equity locked up in its market value. You might want to release some of this potential to raise extra cash – for any number of reasons, but these might include and are not limited to:

the funds to renovate, extend or improve your home; you plan to move home but want the funds to keep the existing property to let out to tenants; or to invest in other property; to consolidate debt.

To raise those funds, you have the option of remortgaging your current home. Strictly speaking, of course, a remortgage is the replacement of one mortgage by another one. In this case…

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What are my divorce and mortgage buyout options?

Divorce rates in the UK have been climbing, said a report in the Telegraph newspaper on the 17th of April 2020. Indeed, a story in the Evening Standard on the 6th of January 2020 revealed the staggering statistic that, in that week, the volume of online searches for “I want a divorce” was 230% higher than in the first week of January just the year before.

In the trail of many of those divorces are likely to come difficulties with any mortgage arranged during happier times. So, let’s take a closer look at some of your mortgage buyout options following a divorce.

Selling up

Perhaps the most straight forward solution to the problem of dividing equity in a mortgaged home is simply to put it on the open market and sell it.

Provided there is no negative equity, the outstanding mortgage can be paid off using the proceeds of the sale, and the remaining equity may be treated as a marital asset in the normal way and be divided accordingly. If that div…

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