29 Feb 2024
Mortgage House Wins Best Low Deposit Loan of the Year – 2024
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Loan portability, also known as substitution of security, has many benefits. Before you can understand the benefits, it is essential to understand what substitution of security is. Mortgage substitution is when a bank or other lender allows you to transfer the mortgage terms from your current property to a recently purchased property. When you substitute your mortgage security, you move the loan amount, the interest rate and other fees and costs.Â
If you substitute your mortgage security, you still have to pay an exit fee. However, there are still many benefits:
Despite the benefits you may receive, there are some risks you have to watch out for:
If you are in the process of buying a new home, you might be considering a mortgage security substitution. If so, Mortgage House and our team of brokers can help. We can discuss your situation and help you evaluate all the pros and cons. We can even help you secure a home loan. Give us a call today.