Possibly stupid question

[Zooforhouse]

I am 2.5 years into a 5 year fixed rate mortgage. If I move now (upsizing) can I transfer and avoid get out fees assuming with same provider? Or does it not work like that?

Pretty clueless, trying to work out what i can afford!

Yes, it’s called porting. You will need to talk to your mortgage company to check you meet criteria

Thanks

Yes you almost certainly can - check your lender’s criteria as a PP said. But it’s also worth checking the rate you’d get on a new 5 year fix and if it’s substantially less, seeing whether you would be better off paying the early exit fees to get out of your current mortgage.

We recently moved and intended to port but rates have fallen so much since we last fixed (in 2018) that even after the exit fees we’ll pay a lot less through taking out a new mortgage instead.

Thanks, I just wanted to get an idea before calling a mortgage advisor-good to know

Porting is usually possible and a good idea if your new mortgage would be comparable or lesser. It might not be possible if it would be bigger in which case you'd pay early repayment charges and get a new mortgage. You need to check the terms of your current mortgage to work out what's possible and the best option financially.