Some lenders let you move your existing mortgage to a new property when you move house. This is called porting the mortgage.
It can be a cost-effective option, especially if you face high early repayment charges to switch to a new lender or you’re on a lower interest rate than you can find elsewhere when you come to move.
However, not all mortgages are portable, so you should check your terms and conditions and what fees are involved in the porting process.
As porting your mortgage means going through the application process again, the lender may refuse your request if:
Their lending conditions have become stricter
You earn less
You are now self-employed
You have missed repayments on your mortgage or other borrowings
You have taken out more credit or loans
You need to increase your mortgage to buy a more expensive home