How does porting a mortgage work?
Mortgage porting enables one mortgage scheme to be transferred between two properties during a purchase. Porting can therefore enable you to avoid any early repayment charges (ERCs) a current scheme may have.
How do I know if I can port my mortgage?
It is vital however, to understand that just because your mortgage scheme is portable, that a lender will not always agree your new mortgage. You will still have to fulfil their criteria at that time. For example, if you do not pass their affordability assessment, they can still decline your application. This is regardless of any ERC you may then have to pay to them if the loan is redeemed.
One thing to also bear in mind is that you cannot have two different mortgages with two different lenders when moving. Therefore, you can’t simply port your current scheme with your present lender and get the additional borrowing (if required) somewhere else