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Trading-up without increasing mortgage

  • 08-09-2018 10:26pm
    #1
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,011 ✭✭✭


    I'm looking at trading up but not increasing mortgage... putting our own cash into the new house.

    Does anyone have any experience of doing this (I believe it is called 'porting')? Do banks require a full credit approval rigmarole, or is it a simpler process because you are not borrowing extra money?

    I'm aware that most banks will increase your tracker rate (if you have one) if you move house (which in my circumstance I'm OK with), but I'm just wondering if getting approval for porting is the same as getting approval for a new mortgage.


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 13,586 ✭✭✭✭Geuze


    Note that only some banks will allow transfer of mortgage to new property.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You will have to submit a new application for the new property and provide supporting documentation such as income, bank statements etc.

    3DataModem wrote: »
    I'm looking at trading up but not increasing mortgage... putting our own cash into the new house.

    Does anyone have any experience of doing this (I believe it is called 'porting')? Do banks require a full credit approval rigmarole, or is it a simpler process because you are not borrowing extra money?

    I'm aware that most banks will increase your tracker rate (if you have one) if you move house (which in my circumstance I'm OK with), but I'm just wondering if getting approval for porting is the same as getting approval for a new mortgage.


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