What are my options if porting isn’t the right answer?
You have two options to porting your mortgage:
Take out a new deal with your current lender to replace your existing mortgage
Take out a new mortgage with a different lender, which is known as switching or remortgaging.
Check with your current lender how much you’d have to pay in early repayment charges if you end your current arrangement. These charges could be as much as 5% of your outstanding mortgage amount, especially if the deal is in its first couple of years.
You’ll also need to go through the affordability checks when you apply to switch from one mortgage to another.
Mortgages are complex financial products, so it’s important to take your time to find the best deal. You can use our mortgage eligibility checker to see how likely it is that you’ll qualify for a mortgage before you apply, without impacting your credit score.