Porting makes sense when your current rate is cheaper than today's rates or when the early repayment charges are high. A brand new mortgage can be better when rates have fallen, when you are near the end date of your current deal or when you need a lot of additional borrowing.
We add up the early repayment charges, the arrangement fees, legal fees and valuation fees, and compare them with the saving on interest, so you can see which route really costs less.
Yes, as long as you pass the lender's affordability check for the higher loan. The extra money is a new mortgage product, so it will have its own rate and may have its own arrangement fee.
Some lenders let you line the end date of the extra borrowing up with your existing deal, which makes it easier to remortgage everything together later.
Porting is not guaranteed. A lender can decline if your income has dropped, your credit history has changed, the new property does not meet its lending criteria or you are close to its upper age limit.
If that happens you may still be able to switch to a different lender, paying the early repayment charge, and we can tell you quickly whether that still works out.
When you port a mortgage, the lender checks you and the new property against its current criteria.
Income and Affordability: a full affordability check, even if you are not borrowing more.
Credit Profile: any changes since you took the original mortgage. If you have adverse credit, you could be referred to our sister company, Alexander Southwell Mortgages, as this may fall under the specialist category.
The New Property: a valuation to confirm the property type and value meet its lending standards.
Your Circumstances: a new job, a change in household or a longer mortgage term can all affect the decision.
