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sell houses fast

Country/Region china
Company theadvisory limited
Categories Steel Modular House
Update 2020-01-10 22:40:29
ICP License Issued by the Chinese Ministry
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Keep reading to discover…
  • Everything you need to know about mortgages when you move
  • What porting is, how it works and if you should do it
  • How to make the most financially savvy decisions
  • And lots more…
As Recommended By …

"TheAdvisory drips in honest-to-goodness practical advice for todays house sellers"

Table of Contents
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  1. Mortgages when moving (the basics)

  2. Can I sell my home before the mortgage term is up?

  3. What happens to my mortgage when I sell my home?

  4. Do I need a new mortgage when moving home?

  5. What is porting a mortgage and how does it work?

  6. Will I be allowed to port my mortgage?

  7. What do I do if my lender won’t let me port my mortgage?

  8. What does porting a mortgage typically cost?

  9. What happens when porting a mortgage to a cheaper house?

  10. Can I move to a bigger house, port my mortgage and borrow more?

  11. Should I port my mortgage?

  12. How exactly do I work out if porting makes the most financial sense?

  13. If porting is not right for me what are the alternatives?

  14. What are the common problems when porting a mortgage?

  15. Step by step guide to porting your mortgage

  16. FAQs

  17. Key takeaways

  18. Related guides

Frequently Asked Questions
Can i sell my home before the end of my mortgage term?

Yes you can so long as your sale price exceeds the amount left to repay on your mortgage loan (including any early repayment charges).

Can i take my mortgage to my new home?

Yes. It's called "porting" and most mortgages have this facility.

Will porting my mortgage cost me any money?

Yes. There will be different costs depending on whether you are keeping the same level of borrowing, increasing it or decreasing it with decreasing your borrowing being the most expensive option.

Mortgages when moving (the basics)

Assuming you do need a mortgage to finance your onward purchase, you have two options:

  1. Take your current mortgage deal with you, known as ‘porting’.
  2. Apply for a completely new one.

To decide which is going to be better for you, you need to carefully check all the costs involved in staying with your current deal versus those if you were to move to a new product, possibly with a different lender.

Our guide here should help explain the process, and answer most of your immediate questions about porting your mortgage.

If you have any further questions, please do contact us and we’ll be glad to help.

Can I sell my home before the mortgage term is up?

Yes!

  • You can sell your home at any time, as long as you can afford to.
  • If you’re redeeming your mortgage in full and not buying another property, you must make sure that the sale price is higher than the amount remaining on your mortgage loan.
  • If you are in negative equity because prices have fallen in your area and your home is worth less than it was when you bought it, selling may not be financially viable for you.
  • The good news is that this is relatively rare, but it can be an issue in times of recession or in specific areas where there is an oversupply of your particular type of property and very little demand.

Whether you’re intending to buy another home or not, there are likely to be costs and possibly financial penalties if you’re looking to redeem all or part of your mortgage, particularly if you’re still within the period where an early repayment charge applies.

So the first thing to do is check the terms of your current mortgage.

  • You can do that yourself, with your lender or by consulting an independent mortgage broker or financial advisor.
  • All you need to do is request the terms and conditions of your mortgage, which can take up to 10 days for them to deliver.

Pro tip: The benefit of taking independent advice is finding a broker/adviser who has access to the whole mortgage marketplace and will be able to highlight any deals that might be better for your circumstances.

What happens to my mortgage when I sell my home?

  • In the majority of cases, unless you are porting it, the mortgage on your existing home is redeemed (paid off) when you sell.
  • The solicitor or licensed conveyancer handling your paperwork will contact your lender for a redemption statement and repay the outstanding loan amount to them out of your buyer’s completion funds.
  • If you require a mortgage for your onwar

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