MOVING HOME
Some mortgages are portable, meaning you may be able to apply to take the mortgage product to a new property when moving home. Portability does not mean the existing mortgage automatically transfers: the lender will normally assess the new application, property and circumstances.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
What does porting a mortgage mean?
Porting distinguishes between the mortgage product and the underlying mortgage borrowing.
Your existing mortgage product
A portable product may potentially be retained when moving, subject to the lender’s requirements.
A new mortgage application
The lender will generally still assess the proposed borrowing, borrower and new property.
A mortgage being described as portable does not guarantee that an application to port it will be approved.
How does mortgage porting work?
01 — Check whether the mortgage is portable
Review the existing mortgage terms and speak to the lender or adviser.
02 — Apply for the new property
The lender assesses the application under its relevant criteria.
03 — Work out how much you need to borrow
The amount required may be higher, lower or similar to the existing mortgage.
04 — Complete the move
If approved, the lender implements the agreed mortgage arrangements for the new property.
Do I have to pass affordability checks again?
Porting commonly involves a new mortgage application and you may therefore need to satisfy the lender’s current affordability, eligibility and underwriting requirements. Existing customers should not assume previous approval guarantees a new application.
What if I need to borrow more or less?
Someone moving to a more expensive property may need additional borrowing. The portable product may potentially apply to the relevant existing borrowing, while extra borrowing may be on a different product or rate and will be subject to lender assessment. Moving to a cheaper property may mean reducing the balance; this can potentially interact with overpayment allowances or early repayment charges.
Can I port my mortgage if I’m still in a fixed rate?
Some fixed-rate mortgages may be portable, but the precise terms depend on the mortgage. Porting can sometimes be relevant where someone wants to move before a deal ends, but it is not a guaranteed way of avoiding an early repayment charge. Whether an ERC applies, or may be refunded in particular circumstances, depends on the mortgage terms, lender rules and timing.
Porting or taking a new mortgage?
Porting the existing product may allow it to be retained subject to lender approval and its terms. Taking a different mortgage can be an opportunity to consider other options for which you may be eligible. Neither route is inherently preferable: costs, rates, ERCs, borrowing requirements and individual circumstances all need to be considered.
What information might I need?
Existing mortgage details • Current mortgage balance • Existing product and rate • Details of any ERC • Income and financial information • Details of the property being sold • Details of the property being purchased • Amount of new borrowing required
Can a mortgage adviser help with porting? An adviser can help establish how the existing mortgage works, assess the borrowing required for the move and discuss relevant mortgage options within the scope of their service.
Mortgage porting FAQs
What does porting a mortgage mean?
Is my mortgage portable?
Do I have to reapply when porting a mortgage?
Do I need another affordability assessment?
Can I borrow more when porting my mortgage?
Can I port a fixed-rate mortgage?
Will I pay an early repayment charge when porting?
Can my lender refuse to let me port my mortgage?
MOVING HOME
Moving home with an existing mortgage?
MortgageAdvice.co.uk can connect you with a selected mortgage adviser who can discuss your existing mortgage and requirements for the new property.
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No obligation to proceed.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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