Can I port my mortgage to any property?

Not necessarily. The lender will carry out a valuation and affordability assessment on the new property. If the property does not meet their criteria or your financial circumstances have changed, the port may not be approved.

What happens if I need to borrow more when porting?

You can usually take additional borrowing from the same lender, but it will be on a separate product at their current rates. You will effectively have two mortgage products running in parallel on the same property.

Is porting the same as remortgaging?

No. Porting means keeping your existing deal and moving it to a new property. Remortgaging means switching to a new mortgage product, either with the same lender or a different one. Porting avoids early repayment charges, whereas remortgaging may trigger them.

What is Porting a Mortgage? Meaning Explained

Porting a mortgage means taking your current mortgage product with you when you move to a new property. Instead of paying off your existing mortgage and starting a new one, you transfer the same deal, including the interest rate and remaining term, to your next home. This is particularly useful if you are in a fixed-rate deal and want to avoid paying an early repayment charge (ERC).

Not all mortgage products are portable, and even those that are require you to reapply to the lender as if taking out a new mortgage. The lender will reassess your affordability and carry out a valuation on the new property. If your circumstances have changed, for example if your income has fallen, there is no guarantee you will be approved to port.

If you are buying a more expensive property, you may need to borrow additional funds on top of the ported amount. The extra borrowing is usually on a separate product at the lender's current rates. Conversely, if you are downsizing, you may only be able to port a portion of the existing balance, and you could face an ERC on the amount you repay.

Example

You are two years into a five-year fixed rate and decide to move house. Rather than paying the 3% early repayment charge on your £200,000 mortgage, you port the deal to your new property, saving yourself £6,000.

Key Points

Lets you keep your current mortgage deal when moving home
Helps you avoid early repayment charges
You must reapply and pass the lender's affordability checks
Additional borrowing for a more expensive property is usually on a separate deal
Not all mortgage products allow porting