Portability
If you have an introductory mortgage product, such as a fixed rate, there would normally be an early repayment charge applying during the term of the fixed rate.
There would usually be a facility to 'port' the mortgage to a new property is to avoid having to pay any early repayment charge if you wish to move home.
This would mean that the mortgage, which was originally secured on the previous property, could be secured on the new property. (This would be subject to a survey of the new home, and with the agreement of the lender's underwriters in relation to the borrower’s financial status and personal circumstances at that time.)
The terms and conditions of the new, ported, mortgage would remain the same as the original mortgage.
For example, if the original mortgage was for a fixed rate of (say) 5% and had (say) 18 months remaining on the fixed rate, the new, ported, mortgage would remain on the basis.
