Porting Your Mortgage
Moving home doesn't always mean you have to give up your current mortgage rate. Learn how to transfer your existing deal to your new property.
What does it mean to 'port' a mortgage?
Porting a mortgage simply means transferring your current mortgage deal - including the interest rate, terms, and conditions - from your existing property to a new one when you move.
If you're currently on a very competitive fixed rate, or if you would face significant Early Repayment Charges (ERCs) for leaving your current deal early, porting can save you thousands of pounds. However, it's important to remember that you are still essentially applying for a new mortgage, and the lender will reassess your affordability and value the new property.
How Porting Works in Practice
Borrowing the Same Amount
If you are moving to a house of similar value and borrowing the exact same amount, you simply transfer your current balance and rate over. You will still need to pass the lender's affordability and credit checks, and the new property must meet their criteria.
Borrowing More (Top-Up)
If you're upgrading to a more expensive property, you can port your existing balance on its current rate, but you'll need to borrow the extra amount on a new, separate mortgage product from the same lender. This means you'll have two "parts" to your mortgage, potentially on different rates and end dates.
Is Porting Right For You?
The Benefits
- Avoid Early Repayment Charges: By keeping your deal, you won't have to pay hefty ERCs.
- Keep a great rate: If interest rates have risen since you took out your mortgage, porting lets you keep your cheaper rate.
Things to Watch Out For
- You might not be approved: If your income has dropped or criteria have changed, the lender could decline the port.
- Top-up rates might be high: If you need to borrow more, the lender's current rates for the extra amount might not be competitive.
The Porting Process
Taking your current mortgage to a new home involves a specific set of steps.
Check Portability
We review your current mortgage contract to confirm your deal is 'portable' and check for any restrictions.
New Home Affordability
We calculate if your current mortgage amount plus any additional borrowing needed is affordable for your new purchase.
Full Re-application
Even though you're staying with the same lender, you must re-apply and pass their current lending criteria.
Simultaneous Completion
We coordinate with your solicitor to ensure your current home sale and new home purchase complete on the same day.
Frequently Asked Questions
Need help crunching the numbers?
We can compare the cost of porting your current mortgage (including any top-up needed) against the cost of paying the exit fees and switching to a brand new lender. We'll find the most cost-effective route for your move.
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