What are the other options to porting?
The alternative is to take out a new mortgage with a different lender, which is known as remortgaging. You would then use the new mortgage amount to pay off the old mortgage in full or use the sale of the house to pay off your previous mortgage.
If you’re considering switching mortgage lenders, then you need to find out if there are any early repayment charges on your existing deal and, if so, how much you’d have to pay. These charges could be as much as 5% of your outstanding mortgage amount, especially if the deal is in its first couple of years.
Almost every mortgage deal also requires you to pay an exit fee on termination, which is typically a few hundred pounds. It’s then important to weigh up whether the exit fees and early repayment charges make it worthwhile moving to a new mortgage. Plus, you could have to pay arrangement fees on the new deal – so factor those into your calculations too.