Mortgage Porting Explained: Can You Take Your Mortgage With You When You Move?

Written By Rowan Frayling

If you're moving home but don’t want to lose your existing mortgage deal, mortgage porting might be the solution.

What Is Mortgage Porting?

Mortgage porting is when you transfer your current mortgage to a new property. It allows you to retain the same interest rate and terms, avoiding early repayment charges.

Who Can Port Their Mortgage?

Most fixed or tracker mortgages in the UK are portable, but porting is subject to the lender's approval. They’ll assess:

  • Your income and outgoings

  • The value of the new property & size of the new loan

  • Your credit profile

When Is Porting Beneficial?

  • You’re tied into a deal with high early repayment charges

  • You have an excellent interest rate

What Are the Downsides?

  • You’ll need to reapply and be re-assessed

  • You might need to borrow more (which could be at a different rate)

Porting isn’t automatic, so it’s worth discussing your options with a mortgage broker before making any decisions.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Rowan Frayling
Previous

What is a Mortgage in Principle and Why Does it Matter?
Next

How Your Credit Score Affects Mortgage Approval