What does Portable Mortgages mean?

Usually lenders who offer you a discounted or a fixed rate mortgage which have very good terms will require from you penalty fees in case you choose to pay off your mortgage earlier. For example, if you have a 15 year-term fixed rate mortgage, and you decide to pay back the sum in the first 5 years you might have to pay an extra 5% for that as an early redemption penalty. This is what portable mortgages are, which are flexible from this point of view, you can move without having to worry for such extra ‘penalty’ expenses.

Re-mortgaging is not a problem, because a portable mortgage allows you that freedom of choice penalty free. Always pay close attention to the fine print coming with these mortgages, to make sure that you truly understand all of the terms and conditions which must be fulfilled.