Porting a Mortgage When Moving Home:
A portable mortgage may let you keep your existing mortgage product when you move home. However, portability does not guarantee that your lender will approve the move.
The lender will normally reassess your finances, the amount required and the property you plan to buy. Therefore, porting is better understood as a new application involving an existing
At a Glance
- Porting means applying to use your current mortgage product on a new property.
- Your lender must still approve you and the property.
- Income, spending, credit commitments and affordability may be reassessed.
- Extra borrowing may be placed on a separate mortgage product.
- Porting can reduce an early repayment charge, but it is not always the lowest-cost option.
- Compare the total cost of porting with taking a new mortgage before deciding.
What Does Porting a Mortgage Mean?
Porting a mortgage means taking an existing mortgage product to a new property.
You may be able to retain its interest rate, remaining fixed or tracker period and certain product terms. However, the original loan secured against your current home is normally repaid when that property is sold.
Your lender then creates a new mortgage secured against the property you are buying.
Therefore, you are usually porting the product rather than physically transferring the original mortgage loan.
For wider information about financing a property move, read our moving house mortgage guide.
Is Every Mortgage Portable?
No. Your mortgage offer or product conditions should state whether the deal can be ported.
Even where a product is described as portable, the lender may decline the application. Portability gives you the right to apply. It does not remove the lender’s underwriting requirements.
Restrictions may relate to:
- The mortgage product.
- The remaining deal period.
- The type of property being purchased.
- The required completion date.
- Changes to the borrowers.
- The amount of additional borrowing.
- The lender’s current affordability rules.
Ask your lender or mortgage adviser to check the product conditions before you commit to a purchase.
What Will the Lender Reassess?
A lender will normally review the application using criteria in force when you move.
This may include:
- Your employed or self-employed income.
- Regular household spending.
- Loans, credit cards and other commitments.
- Your credit history.
- The number of financial dependants.
- The required mortgage term.
- Your expected retirement age.
- The property value and condition.
- The new loan-to-value ratio.
- Any additional borrowing required.
A borrower who qualified several years ago may not automatically qualify again. Income, expenditure, credit commitments or lender criteria may have changed.
The new property must also provide acceptable security. Lease length, construction type, condition and property use can affect the decision.
The wider Connect group supports residential advisers through lender access, compliance and case research. Mortgage professionals can read the Connect Brokers residential mortgage market guide for further technical context.
Can You Borrow More When Porting?
You may need additional borrowing when buying a more expensive property.
For example, suppose you have £150,000 remaining on your existing deal but require a total mortgage of £210,000. The lender might allow:
- £150,000 on the ported product; and
- £60,000 on a new product available at the time.
The two parts may have different:
- Interest rates.
- Product end dates.
- Early repayment charges.
- Arrangement fees.
- Monthly payment calculations.
This split structure is sometimes called a blended mortgage arrangement.
It can preserve a competitive existing rate. However, managing two product end dates may make future remortgaging more complicated.
Use our mortgage calculator to explore illustrative monthly payments. Calculator results are estimates and are not mortgage offers.
What Happens When You Need a Smaller Mortgage?
Porting to a less expensive property may mean reducing your mortgage balance.
A lender might permit the existing product to be ported only up to the amount required. However, an early repayment charge could apply to the part of the mortgage being repaid.
This will depend on:
- The lender’s porting rules.
- Any permitted annual overpayment allowance.
- The amount being repaid.
- The remaining product period.
- The timing of the sale and purchase.
Downsizing does not automatically remove an early repayment charge. Request a redemption statement and written porting illustration before making a decision.
Can Porting Avoid an Early Repayment Charge?
Porting may allow you to avoid some or all of an early repayment charge when the sale and purchase complete within the lender’s permitted timescale.
However, lender procedures differ.
In some cases, the existing mortgage is redeemed when the old property is sold. The early repayment charge may be collected and later refunded once the new mortgage completes.
A delay between the sale and purchase can affect eligibility for a refund. Confirm:
- How long the lender allows between transactions.
- Whether the charge must be paid initially.
- The deadline for requesting a refund.
- Whether the same borrowers must remain on the mortgage.
- Whether the ported amount must meet a minimum level.
Do not assume the charge will be refunded until the lender has confirmed its terms.
Is Porting Always the Cheapest Option?
No. Keeping a lower existing rate may look attractive, but the rate is only one part of the cost.
Compare:
- Monthly repayments.
- Product fees.
- Valuation costs.
- Legal costs.
- Early repayment charges.
- The cost of additional borrowing.
- The remaining product period.
- The total interest payable.
- Future remortgage flexibility.
A new mortgage with another lender could have a higher rate but lower fees or better long-term flexibility. Conversely, paying an early repayment charge may not make financial sense when the existing deal remains competitive.
Our remortgage guide explains the factors involved when comparing a new lender with an existing arrangement.
Porting Versus Taking a New Mortgage
| Consideration | Porting your current product | Taking a new mortgage |
|---|---|---|
| Existing rate | May be retained | Replaced by a current product |
| Lender choice | Limited to the existing lender | Wider lender comparison may be possible |
| Affordability assessment | Usually required | Required |
| Property assessment | Required | Required |
| Early repayment charge | May be avoided or refunded | May remain payable |
| Additional borrowing | May use a separate product | Usually arranged within one new mortgage |
| Product end dates | Could become split | Often one product end date |
| Fees | Porting and top-up fees may apply | Product, valuation and legal fees may apply |
The correct comparison is not simply old rate versus new rate. It is the complete cost and suitability of each route.
How Does the Porting Process Work?
1. Check your existing mortgage
Review the mortgage offer, current balance, interest rate, product end date and early repayment charge.
2. Estimate the new borrowing requirement
Calculate the purchase price, available equity, deposit, moving costs and additional borrowing required.
Our mortgage affordability calculator can provide an initial estimate. Actual lender calculations may differ.
3. Compare porting with alternative products
Assess the ported rate, extra borrowing rate, fees, charges and total cost against suitable new mortgages.
4. Apply to the lender
The lender will assess your finances and arrange a valuation of the new property.
5. Coordinate the transactions
Your solicitor, lender and adviser will need to coordinate the sale, purchase, redemption and new mortgage completion.
6. Confirm any charge refund
Where an early repayment charge was paid temporarily, check the refund procedure and deadline.
Documents You May Need
A porting application may require:
- Recent payslips.
- Bank statements.
- A P60.
- Evidence of bonuses or overtime.
- Self-employed accounts or tax documents.
- Proof of deposit or equity.
- Identification.
- Address evidence.
- Details of credit commitments.
- The memorandum of sale.
- Information about the new property.
Further evidence may be required where income is complex or circumstances have recently changed.
When Might Porting Be Unsuitable?
Porting may not be suitable when:
- The lender will not accept the new property.
- Your current income no longer meets its criteria.
- You need more than the lender will provide.
- Your credit position has changed.
- The existing deal is close to ending.
- The early repayment charge is small or no longer applies.
- Another mortgage offers a better total cost.
- Split product end dates would restrict future plans.
A mortgage should support the next stage of your plans rather than preserve an old rate at any cost.
Speak to Connect Lifetime Mortgages
Porting can protect valuable mortgage terms, but it remains a fresh lending decision.
Connect Lifetime Mortgages can review your existing deal, expected equity, borrowing needs and the proposed property. We can then compare porting with other suitable mortgage routes.
Speak to a mortgage adviser before committing to a property or paying non-refundable costs.
Frequently Asked Questions
Can I port my mortgage to any property?
No. The lender must accept the property as suitable security. Its type, condition, value, construction and lease terms may affect the decision.
Do I have to pass another affordability assessment?
Usually, yes. The lender will normally reassess income, spending, commitments and the requested loan under its current criteria.
Can I change lender when porting?
No. Porting generally means applying to retain a product with your existing lender. Moving to another lender would usually involve a new mortgage.
Can I port only part of my mortgage?
Possibly. This may happen when moving to a less expensive property. However, an early repayment charge could apply to the amount repaid.
Will my extra borrowing have the same rate?
Not necessarily. Extra borrowing is often placed on a separate product from the lender’s current range.
Can I port after selling my home?
Some lenders permit a short gap between selling and buying. They may collect an early repayment charge and refund it after completion. Timescales and conditions vary by lender.
Is porting better than remortgaging?
Not always. Compare rates, fees, early repayment charges, extra borrowing and total long-term cost before choosing.
Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it.
