Moving home is an exciting step, but it also raises big financial questions — especially if you already have a mortgage in place. One option that may be available is “porting” your mortgage. This means transferring your existing deal to your new property, rather than taking out a brand-new mortgage.
For many homeowners, mortgage porting can be a way to keep the rate they’ve secured, avoid early repayment charges, and simplify the moving process. But it isn’t always straightforward, and lenders will still reassess your circumstances before approving the transfer.
If you’re considering a home move, our team can help arrange the right moving home mortgage deal for your circumstances.
What is mortgage porting?
Mortgage porting is the process of taking your current mortgage deal with you when you move house. Instead of repaying your existing mortgage and applying for a new one, you transfer the same product (with the same interest rate and terms) to your new property.
Most modern mortgages are portable in principle, but whether you’ll be approved depends on your lender’s criteria and your financial position at the time of the move.
When can porting a mortgage help?
- You can keep your existing rate if it’s competitive
- You can avoid early repayment charges which would apply when leaving a deal early
- It’s a more simple process than starting again with a new product
Things to consider when mortgage porting
- Affordability checks will still apply, even if you are porting
- Your new property must meet the lender’s requirements
- Any extra borrowing is usually placed on a separate product, often at a different rate
- Fees and valuation costs may still be payable
Alternatives to porting a mortgage
In some cases, arranging a new mortgage deal may be more suitable. For example, if market rates have improved, if your circumstances have changed significantly, or if you want to borrow much more, a new deal might work better.
A broker can compare the cost of porting against switching to a new product and help you decide on the most appropriate option.
FAQs about mortgage porting
What is mortgage porting?
Mortgage porting is transferring your existing mortgage deal to a new property when you move home.
Do all mortgages allow porting?
Most modern mortgages are portable, but not every product is. It depends on your lender and the terms of your agreement.
Will my lender check affordability again?
Yes. Even with porting, the lender will reassess your income, credit history, and outgoings.
Can I borrow more when porting a mortgage?
Yes, but the extra borrowing will usually be placed on a new product with different terms.
Is porting always the best option?
Not always. In some cases, arranging a new mortgage deal can be more cost-effective.
Should I port my mortgage?
Porting a mortgage can be a practical way to keep your existing deal when moving home, but it isn’t suitable in every case. Lenders will reassess your circumstances, and other mortgage products may be more competitive.
If you’re planning a move, our team can help you compare your options and find the most suitable approach. Learn more about how we support home movers on our moving home mortgage page.
Important Information
Your property may be repossessed if you do not keep up repayments on your mortgage. The FCA does not regulate some forms of Buy-to-Let mortgages.
