If you have a good mortgage deal and are moving home, porting could let you keep it rather than starting again. But porting is not automatic, and it does not suit every move. This guide explains what porting a mortgage is and how it works, including when it helps and when it does not.
What porting is
Porting a mortgage means transferring your existing mortgage deal, with its rate and terms, from your current home to a new one when you move. Instead of repaying your mortgage and taking a new one, you take your current deal with you. Most, though not all, mortgages are portable, and porting is a common way to move without losing a good rate or paying an early repayment charge.
How porting works
When you port, you apply to your lender to move your existing deal to the new property. The lender reassesses your circumstances and the new home, much like a fresh application, and if they agree, your deal continues on the new property. The old mortgage is repaid as you sell, and the same deal is applied to the new purchase. The process usually needs to line up with your sale and purchase completing together.
Why people port
The main reasons to port are to keep a good rate and to avoid an early repayment charge. If you are partway through a fixed deal with a competitive rate, porting lets you keep it rather than losing it and paying a charge to leave, as our guide to early repayment charges explains. Porting can therefore save money when you have a deal worth keeping, which is often the case.
The lender must agree
Porting is not guaranteed, because the lender reassesses you and the new property when you apply to port. You must pass their affordability and credit checks at the time, and the new home must meet their lending criteria. If your circumstances have changed, for example a drop in income, porting could be refused or limited. So while porting is a useful option, it depends on the lender agreeing, not just on your wish to do it.
The new property must qualify
The new property has to be acceptable security for the lender, so an unusual home, such as one of non-standard construction or with a short lease, might affect whether you can port. The lender values the new property as part of the process. This means porting depends not only on your finances but on the home you are buying, which is worth bearing in mind if you are considering an unusual property.
Timing and lining things up
Porting usually requires your sale and purchase to complete at the same time, since you are moving the mortgage from one property to the other. This makes timing important, and it can be challenging in a chain. If the two do not line up, porting can be complicated, and other arrangements such as bridging finance might be needed, as our guide to bridging loans explains. Coordinating the timing is a key part of porting successfully.
Borrowing more when you port
If your new home costs more, you can often port your existing deal and borrow the extra as a separate amount, which may be on a different rate, as our guide to borrowing more when you move explains. This means you keep your good rate on the original balance while taking a top-up for the difference. The lender assesses affordability for the total, and you end up with your ported deal plus the additional borrowing.
Not all mortgages are portable
While many mortgages are portable, not all are, and the terms vary, so it is important to check your specific deal. Even where a mortgage is portable, porting still depends on passing the lender's checks at the time. If yours is not portable, or porting is refused, you would take a new mortgage instead, comparing the cost against any early repayment charge, as our guide to porting versus a new mortgage explains.
What if porting is declined?
Because porting depends on passing the lender's checks, it can be declined if your circumstances have changed or the new property does not qualify. If that happens, you would take a new mortgage instead, comparing the cost against any early repayment charge on your current deal. Knowing porting is not guaranteed means it is wise to have a back-up plan, and to check your position with the lender or a broker before committing to a move.
Porting if you borrow less
Porting is not only for moving up. If you move to a cheaper home and need a smaller mortgage, you can often port and reduce the amount, though repaying part of the loan early could trigger a partial early repayment charge on the portion repaid. The rules vary by lender, so it is worth checking how porting works when borrowing less, as it affects whether porting or a new mortgage is cheaper.
How long porting takes
Porting is part of your move, so it runs alongside your sale and purchase and completes when they do. Because the lender reassesses you and the new property, it involves an application and valuation much like a fresh mortgage, so allow time for it within your moving timetable. Starting the process early, and keeping your paperwork ready, helps porting keep pace with the rest of your move.
Fees when porting
Porting may involve some fees, such as a valuation of the new property and possibly a fee on any additional borrowing, though you avoid the early repayment charge you would face by leaving your deal. Weighing these costs is part of deciding whether to port, as our guide to mortgage costs touches on. Generally, porting is cost-effective when it lets you keep a good rate and sidestep a charge.
Is porting always best?
Porting is not automatically the cheapest option. If today's rates are lower than your current deal, taking a new mortgage, even after any early repayment charge, might cost less overall. The only way to be sure is to compare porting against a new mortgage for your situation, as our guide to porting versus a new mortgage explains. A broker can do this comparison and recommend the better route.
In short, porting is a valuable option that can save you money when you have a deal worth keeping, but it is neither automatic nor always the cheapest route. Check whether your mortgage is portable, be ready for the lender to reassess you and the property, and compare porting against a new mortgage so you finance your move in the way that leaves you best off.
In short
Porting means taking your existing mortgage deal to a new home when you move, keeping your rate and avoiding an early repayment charge. It is not automatic: the lender reassesses you and the new property, which must qualify, and the timing usually needs your sale and purchase to align. You can often port and borrow more for a dearer home. Check whether your mortgage is portable, as not all are.
Where to get help and next steps
Read our guides to porting versus a new mortgage, moving during a fixed-rate deal, and moving home and your mortgage. This is general information, not mortgage or financial advice.