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1 I wouldn’t say we have seen an incredible rise in porting requests-the same level as prior. If it suits a client–it suits them and if it doesn’t then it doesn’t.
2 There are many benefits to porting – keeping the existing interest rate & no/low early repayment charges can be a considerable saving.
3 If their current lender doesn’t like the property / their income since initially taking the mortgage out then porting is not always suitable. Some clients also prefer to only have to review their mortgage at one point – rather than the original loan and then the top up amount.
4 I think it will grow a little in popularity. I think more people will look to see if they can keep their original lower interest rate if it is an option.
5 Not all lenders make porting easy. Many have quite rigid and strict cut off times so that if they do not buy/ sell in the same day then it can cause issues for them. Some can give a few months grace period which is significantly better for the client.
2 There are many benefits to porting – keeping the existing interest rate & no/low early repayment charges can be a considerable saving.
3 If their current lender doesn’t like the property / their income since initially taking the mortgage out then porting is not always suitable. Some clients also prefer to only have to review their mortgage at one point – rather than the original loan and then the top up amount.
4 I think it will grow a little in popularity. I think more people will look to see if they can keep their original lower interest rate if it is an option.
5 Not all lenders make porting easy. Many have quite rigid and strict cut off times so that if they do not buy/ sell in the same day then it can cause issues for them. Some can give a few months grace period which is significantly better for the client.