What should you watch out for when porting your mortgage?
You’ll need to go through an application process to ‘port’ a mortgage as it’s technically a new deal. This means you could be rejected if your circumstances or the lender’s approval criteria have changed. If you need to borrow more money, the additional borrowing may be on a higher interest rate than the mortgage you’re porting.
If your current deal isn’t competitive and there are better rates available elsewhere then you may want to consider a new mortgage, although you’ll need to consider any penalty fees for leaving your current mortgage early.