Can I Port My Mortgage When Moving House? You may be able to port your mortgage when moving house if your current mortgage product allows it. Porting means taking your existing mortgage deal to a new property, subject to lender approval.
It is not guaranteed. Your lender will still assess your income, affordability, credit profile and the new property.
What does porting a mortgage mean?
Porting a mortgage means moving your existing mortgage product from your current home to the home you want to buy.
This can be useful if you are on a competitive rate or if your current deal has an early repayment charge. Instead of ending the product early, you may be able to keep it for the remaining deal period.
However, the mortgage does not simply transfer automatically. The lender will usually treat the move as a new application.
That means the new property, your finances and the loan amount must still meet the lender’s rules.
For wider guidance, see our main Moving House Mortgage UK page.
Why do people port a mortgage?
People often look at porting because it may help them keep a current rate.
This can matter when mortgage rates have changed since the original deal started. If your current rate is lower than new rates available today, porting may look attractive.
Porting may also help if your current mortgage has an early repayment charge. Ending the deal early could create an extra cost.
The question is not only whether porting is possible. The better question is whether it remains suitable.
What will the lender check?
A lender may check many of the same things as a new mortgage application.
This may include:
- Your income
- Your regular spending
- Existing credit commitments
- Your credit history
- The value of the new property
- The type of property
- The mortgage term
- The loan-to-value
- Any extra borrowing needed
If your circumstances have changed, porting may be harder.
For example, this may apply if your income has reduced, you have become self-employed, your credit position has changed, or you need to borrow much more than before.
Can I borrow more when porting?
You may be able to borrow more when porting, but this depends on your lender.
Some lenders may allow extra borrowing alongside the ported mortgage. This extra borrowing may sit on a different rate from your existing deal.
That means you could have one part of the mortgage on your old rate and another part on a new rate.
This can make the overall cost harder to compare. A mortgage adviser can help you look at the total monthly payment, fees and long-term cost.
You can use our Mortgage Calculator to estimate possible repayments.
When might porting not be suitable?
Porting may not be suitable if the lender cannot support the new loan amount, the new property does not meet criteria, or another lender offers a better overall option.
It may also be less useful if your current deal has little time left or no early repayment charge.
A lower monthly payment is not the only measure. You should also look at fees, flexibility, mortgage term and what happens when the deal ends.
Porting vs taking a new mortgage
A new mortgage may give access to more lenders and product options. It may also allow a better fit if your income, deposit or property plans have changed.
However, a new mortgage may involve product fees, valuation fees, legal costs and early repayment charges on your current deal.
The right route depends on the full picture.
For some movers, porting is practical. For others, a new mortgage is cleaner.
Speak to Connect Lifetime
Moving home is not only about finding the next property. It is about making sure the mortgage still works.
Connect Lifetime can review whether porting your mortgage may be possible and whether it is suitable for your circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage or loans secured on it.
Connect Lifetime Mortgages is a trading style of Richer Mortgage and Retirement Ltd, which is an appointed representative of Connect IFA Ltd. Connect IFA Ltd is authorised and regulated by the Financial Conduct Authority.
