Check if your secured loan is portable, meaning you can transfer it to a new property without having to reapply or pay early repayment charges. Most UK mortgages are portable, but it's important to check with your lender before making any plans to move.
Understand the conditions and fees associated with loan portability, as some lenders may require you to meet certain criteria or pay a fee to transfer your loan. Porting a mortgage can cost between £500-£1,000 in fees, according to The Money Advice Service.
Consider the impact of porting your loan on your interest rate and loan term, as you may be able to secure a better rate or adjust your term when moving to a new property. Porting your mortgage could save you £5,000 in early repayment charges, according to The Money Advice Service.
Compare the costs and benefits of porting your loan versus applying for a new loan when moving home, taking into account any fees, interest rates, and loan terms. A new mortgage application could cost up to £2,000 in fees, according to The Money Advice Service.
Discuss your loan portability options with your lender or a financial advisor to determine the best course of action for your specific circumstances. 54% of UK homeowners are unaware of mortgage porting options, according to a survey by The Money Advice Service.