What is porting a mortgage?

When moving house one option is to transfer your mortgage interest rate to your new home – this is porting.

You may want to port your mortgage product for 2 main reasons:

• It’s a great product and much better than those currently available
• To avoid early repayment charges

To port a product you need to apply to your current mortgage lender and ask them to transfer or port your interest rate deal over to the new home. The lender will still need you to qualify for the new mortgage and will look at your deposit amount, the new property, financial status including income and also your credit history.

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