Porting a mortgage means transferring your existing mortgage deal to a new property when you move. This lets you keep your current interest rate and avoid early repayment charges, although your lender will still reassess your affordability and the new property must meet their lending criteria.
What Is Porting?
Porting means transferring your existing mortgage deal to a new property when you move home. Your current interest rate, terms, and remaining deal period are carried over, helping you avoid early repayment charges (ERCs).
It's essentially a new application with your existing lender — they'll reassess your income, credit, and the new property. Porting isn't automatic; it must be approved.
When Is Porting Worth It?
- You're in a fixed-rate deal with high ERCs: Porting avoids penalty fees that could be thousands of pounds
- Your current rate is lower than what's available: If you locked in at 2% and current rates are 4.5%, porting keeps your lower rate
- You're moving to a similar or cheaper property: If you don't need additional borrowing, porting is straightforward
Porting With Additional Borrowing
If your new property costs more, you'll need to borrow extra. This additional borrowing will be on a separate deal — potentially at a different (usually higher) rate. You'll effectively have two mortgages on one property.
It's worth comparing: sometimes a completely new mortgage on the full amount at today's best rate works out cheaper than porting plus additional borrowing at a higher rate. A mortgage broker can run the numbers for you.
Porting When Downsizing
If you're moving to a cheaper property, you can port a smaller mortgage amount. The difference is repaid to the lender from the sale proceeds. This is generally straightforward, though your lender may need to reassess affordability.
Alternatives to Porting
Before committing to porting, consider:
- Paying ERCs and remortgaging: If the ERC is small and better rates are available, this could save money over the longer term
- Waiting for your deal to end: If your fixed period ends soon, timing your move to coincide can avoid ERCs entirely
- Taking your mortgage to the open market: You may find a better deal elsewhere that outweighs the ERCs
Frequently Asked Questions
- Can all mortgages be ported?
- Most fixed-rate and tracker mortgages are portable, but it's not guaranteed. The lender will reassess your affordability and the new property must meet their criteria.
- Do I avoid early repayment charges if I port?
- Yes — porting allows you to keep your current deal and avoid ERCs. However, if you need to borrow more for the new property, the additional borrowing will be on a new deal.
- How long does porting take?
- Porting typically takes 4-8 weeks — similar to a standard mortgage application. Your lender will reassess your income, credit, and the new property, so have your documents ready.
- Can I port my mortgage and borrow more at the same time?
- Yes. Most lenders allow you to port your existing deal and add additional borrowing on a separate rate. You'll effectively have two mortgage products on one property.
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