What does porting mean mortgage?

What does porting mean mortgage?

Porting means repaying your existing mortgage and then resuming it on the same terms after you move. Affordability rules mean you may have to reapply for your mortgage and be subject to different terms.

Is porting the same as remortgaging?

You’re essentially taking a new loan, but the new one will work to repay your current mortgage off so you’re starting over again with the new house. You apply to port your mortgage much like you would the first time you applied for the mortgage.

Is it worth porting my mortgage?

Porting a mortgage can be a good idea if you face significant early repayment charges for leaving your current deal early. You could be charged a fee by your lender for porting your mortgage, but it may still work out less than any penalties you might have to pay for exiting your current deal.

Can porting a mortgage be refused?

Can I get declined when porting my mortgage? As porting is treated as a new application – yes, you can be declined. Even if you have been paying the same lender, the same amount for years. Although these cases are very rare.