Porting

If you are tied into your existing lender but wish to move house there may be an option on your mortgage deal to “port” the mortgage to your new property.

 

In effect you will be repaying the debt on your existing mortgage and resuming it on the same terms once you move. This will avoid any early repayment penalties that maybe applicable.

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If you “port” your mortgage to a more expensive property, you may have to take out additional borrowing at a higher rate. If you port to a cheaper property, early repayment charges may apply.

 

The application will  be assessed as usual and it may mean that due to your current circumstances the lender is unable to offer you the current mortgage if you move.