Porting

Jananne19

We're on a tracker mortgage with our current lender and the plan is to move early next year to a property about £60k more. As we're on a tracker there's no early repayment fee so we can leave and go to another lender at any time and then plan was when we move to apply for a new mortgage and go on to a 5 year fixed.
When I've done the comparisons for an idea of how much the mortgage would be for the new property it's coming up as about 2.2% on the whole amount. But if we were to get a 5 year fixed on the property we're in now and then port it we could get 1.79% on our current balance as it's lower LTV and then 2.2% on the additional amount to move.
So from what I can tell does this meant we're better off getting a 5 year fixed at 1.79 on our current property now and then porting and getting the extra £60k at 2.2 when we move ?

ACG

When you port, you still have to apply and meet the lenders criteria and affordability at the time.

By tying yourselves in for 5 years, if you the lender then declines you for an application next year, you are stuck with an ERC.