Early repayment charge

[Heyyouyou]

Hi

We are thinking of moving house but still have

Posted to soon,
We still have 3 years left on our fixed mortgage from a 5 year deal, what I want to know is if the repayment charge goes down each year or is it the same for the full time?

Ours was the same for the term but we ported the mortgage so hopefully will get it back

Ours was a percentage of the remaining balance I think, so went down. However if you move house but stick with the same lender until the end of your redemption period you won't have to pay it. It's to retain your business, it doesn't matter to the lender what address it's secured on.

Depends on the lender and the deal you are on. Your mortgage offer or kfi that you were given when you bought will show you. Or your annual statement. Often you can port as long as you fit the terms and conditions still.

Thanks for the replies! Can I port my mortgage even if I want to borrow more?

You can port it and extend it as long as you meet the lenders criteria for the income multiple and LTV
But if your current mortgage is a 60% LTV and you want to borrow 70% for the new House, they might not let you

I see I will go in and ask. Thank you