Porting a mortgage

SarahandherCat

If you port a mortgage to another property, what happens if the house (which it is) sells at £155k and you buy one at say 100k, the current exit fee is 4k, so would you just be stung with an addtional charge?

If you are allowed to repay 10% a year, does that mean the best option would be to look for a house between 130k-155k, and if I purchased a house at 135k say, it would reduce the mortgage owed / payments, or term?

kingstreet

If the new mortgage is going to be less than the old one, you will pay a proportionate penalty on the difference.

Just to clarify, you cannot transfer a mortgage from one property to another. Porting is moving the rate/terms from an existing mortgage to a new mortgage on a new property.