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INTERIORS INSIDER EXPERT ADVICE

Don’t forget the emotion How does porting a mortgage work?
Think about your home as you did when you
first bought it. What did you love about it, what Paul Demarco, Independent Mortgage Adviser at ESPC Mortgages,
excited you? Emphasise those features, so that discusses how to take your mortgage with you when moving home.
you can point them out to viewers. Buying a Making potential
home is an emotional process, and buyers will
want to feel that your property has been well- buyers feel happy
loved, so it’s worth adding in those extra touches
that show how joyful a home it’s been. when they look at
photos of your home porting will allow you
Ally Dowsing-Reynolds agrees: “Making potential
buyers feel happy when they look at photos of will make a lasting to keep your existing
your home will make a lasting impression.”
impression. mortgage terms...
Preparing your home for sale might take
some effort, but it’s a worthwhile investment
that can make all the difference. Remember, Ally Dowsing-Reynolds
it’s about helping buyers fall in love with your co-CEO at Dowsing & Reynolds
home just as you once did. With these tips,
you’ll be ready to make a confident move
towards your next chapter. f you are moving home and have a If you require additional funds for your new
mortgage product with early repayment property, you will need to negotiate with your
I charges, it is usually possible to transfer current lender on the terms of this borrowing.
the mortgage onto a new property. This is This will generally involve taking on a top-
called porting and means your mortgage up product for the balance required to run
would continue to run for the remainder of the alongside your existing loan amount.
initial chargeable period, as it would have if you
hadn’t moved. The downside to porting a mortgage is that it
limits you to using products from your existing
If you don’t port your mortgage, you could lender. You may also not be able to consolidate
pay the early repayment charge and start a all your borrowing under one mortgage for a
new mortgage elsewhere, but porting will period of time.
allow you to keep your existing mortgage
terms, avoiding early repayment penalties. While porting a mortgage can be a good idea
Another advantage of porting a mortgage for some homeowners, it can sometimes be
is that sometimes there can be a quicker a difficult process, but an ESPC mortgage
assessment due to your existing relationship adviser will be able to work out if it’s the best
with your mortgage lender. option for you.

ESPC Mortgages can help with all aspects of understanding your budget, applying for a mortgage and dealing with the
relevant insurance requirements. You can contact the ESPC Mortgages team on 0131 253 2920.

The information contained in this article is provided in good faith. Whilst The initial consultation with an ESPC Mortgages adviser is free and
every care has been taken in the preparation of the information, no without obligation. Thereafter, ESPC Mortgages’ charges for mortgage
responsibility is accepted for any errors which, despite our precautions, advice are usually £395 (£345 for first-time buyers). YOUR HOME MAY
it may contain. BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A
Ready to sell your home? You can get started with a free valuation – head to espc.com to find out more. MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
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