Porting Your Mortgage
Porting Your Mortgage: Taking Your Deal to a New Home
Moving home during a fixed rate? Porting lets you take your current mortgage deal with you and can help you avoid early repayment charges. But it is not automatic, and it is not always the cheapest option. Here is how it works.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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How It Works
You Move the Deal, Not Just the House
Porting means keeping your existing rate and moving it to your new property. Your lender still has to approve it.
- ✓Re-approval: your lender checks your income and credit again
- ✓Valuation: the new property is valued like a new purchase
- ✓Extra borrowing: any top up is usually on a different rate
- ✓Timing: buying and selling on the same day usually works best
How We Help
Porting Step by Step
Five things to check before you move.
Check Your Deal
Is it portable? What are the early repayment charges and when do they end?
Work Out the Numbers
Compare porting against paying the charge and moving to a new deal.
Speak to Your Lender Early
Porting needs a new application, so leave time for it.
Plan Any Extra Borrowing
A bigger home may mean a top up loan with its own rate and term.
Line Up the Dates
Your sale and purchase usually need to happen together to port smoothly.
Things to Watch
When Porting Can Get Tricky
These are the common snags.
Circumstances Changed
New job, lower income or credit issues can mean the lender says no.
Check My Options →Gap Between Sale and Purchase
Some lenders refund charges if you buy within a set time. Check the rules.
Get Straight Advice →Common Questions
Porting Questions, Answered
The things home movers ask us most.
What does porting a mortgage mean?
Moving your existing mortgage deal to a new property instead of ending it.
Can I always port my mortgage?
No. Your deal must be portable and your lender has to approve the new application and property.
Can I borrow more when I port?
Usually yes, if you can afford it. The extra is normally on a separate rate.
Do I avoid early repayment charges by porting?
Usually yes on the part you port, but check the rules on timing and downsizing.
Is porting always the best option?
Not always. Sometimes paying the charge and switching to a better rate works out cheaper.
How long does porting take?
Similar to a new mortgage application, so allow a few weeks.
Related guides
- What happens when your fixed rate ends
- How much can I borrow?
- How much to offer on a house in Scotland
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Moving Home on a Fixed Rate?
Fill in the form and we will be in touch within one working day. We will compare porting against switching and tell you which works out best.