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Porting a Mortgage: How to transfer a Mortgage to Another Property

See how expert advice could help you transfer your current mortgage to another property

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 28, 2022

Mortgage porting allows you to take your existing mortgage with you when you move house. This might sound like a quick and easy way to go about things, but be sure to read through this guide before you go ahead with it, as there may be other options to consider.

In our guide to mortgage porting, you’ll learn exactly how it works, why people do it and why you should always speak to a mortgage broker before taking your lender up on it.

What is mortgage porting and how does it work?

Porting your mortgage is when you transfer your existing mortgage deal to a different property. Technically speaking, your existing mortgage will be paid off with the proceeds when you sell your house, but you’d be moving onto a new one with the same lender, rates and terms.

The amount you borrow doesn’t have to be the same – it could be more or less than before.

When you sell your old home and look to port your mortgage to a new one, you’d basically be re-applying for your original deal. The main considerations for the lender will be whether you can still afford the mortgage and whether their position is likely to change in terms of risk.

For example, if the value of the property is different and the loan to value (LTV) ratio increases, there is more risk involved and they might think twice about re-approving you for the same deal.

Why port your mortgage?

The main reason people port their mortgage is because they think they’re on the best interest rate possible and don’t want to give it up. Others might feel that the terms and conditions of their existing agreement are the perfect fit for their needs. In other words, they want consistency.

Another advantage of porting a mortgage is that there are no early repayment charges (ERCs) to foot if you’re locked into a fixed-rate deal. The process can also be quicker than applying for a mortgage from scratch, but only if your circumstances haven’t changed since entering the deal.

But there are drawbacks to consider too. The biggest one is that sticking with your current lender without checking the entire market first could mean you miss out on a better deal that’s available elsewhere. This is why you should always speak to a broker before agreeing to port.

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How to transfer your mortgage to another property

Here is a step-by-step guide to mortgage porting…
1

Find out whether your mortgage is portable:

Not all mortgages are portable, so contact your lender or check your mortgage paperwork to find out whether it’s an option for you. Don’t tell your lender you want to go ahead and port just yet, as it’s important to make sure it’s the right option for you before you make an application.

2

Check whether ERCs will apply if you don’t port:

It’s important to work out the overall cost involved whatever option you choose, so be sure to ask your lender whether early repayment charges will apply when you sell your house, if you’re in a fixed rate.

3

Speak to a mortgage broker:

Before you go ahead and port, it’s vital that you check whether this is in your best interest. If you speak to a mortgage broker before you apply, they can check the entire market for you to find out whether sticking with your current mortgage is the best option for you – you could miss out on a better interest rate or more suitable terms with a different lender if you decide to port without shopping around.

We offer a free broker-matching service that will quickly assess your needs and circumstances to match you with the mortgage advisor who’s best placed to help you get the best deal when you move house. If that’s sticking with your current lender, they will offer full transparency about this, so you’ll have peace of mind knowing you’re still getting the best deal.

Make an enquiry with us to get started with a mortgage broker today.

Factors that affect whether you can port

When porting your mortgage to another property, you’re basically re-applying for the same deal all over again. This means that your mortgage provider might take another look at your affordability and credit history to make sure you still meet their eligibility criteria.

Whether you can – or indeed, should – port your mortgage may depend on these factors…

Whether your circumstances have changed

If your personal or employment circumstances have changed since you took out your original mortgage, the options available to you might be different than they were last time around.

For example, if your credit report has improved or your income has increased, you might qualify for a more favourable mortgage deal than the one you have currently. If this is the case, it’s a good idea to have a mortgage broker round up every deal you now qualify for.

On the flip side, if your income has dropped or you’ve had credit problems since you took out your mortgage, there’s a chance mortgage porting might not be a viable option, as your lender might tell you that you no longer meet their eligibility requirements.

The price of the property you’re buying

Porting your mortgage to a cheaper property can be relatively straightforward because you’re not applying to borrow more money.

Despite this, you’ll still have to go through the mortgage application process which may have become stricter since you took out your original mortgage. That said, if the loan amount is staying the same but the property value is reducing, the lender may block the move if they consider their position at greater risk, as the loan-to-value ratio will increase.

Porting to a more expensive property is possible, but you may need to apply for extra borrowing if you don’t have the additional capital to make up the difference.

If you’re porting and need to borrow more, then the additional borrowing is typically done on a new mortgage product, based on the lender’s available rates at the time.

If you’re putting in the cash to cover the additional cost, then the lender will likely be in a stronger position and lower loan to value (LTV), meaning the risk to the lender is lower. and there’s less chance of your having your mortgage application declined.

The type of property you’re buying

Porting a mortgage to an unusual or non-standard property can be seen as a higher risk for most lenders. They’ll want to know if a property is good security for the loan, so in the unfortunate event of repossession, they can resell it easily.

The worry is that the more unusual the property, the more limited the market, so many porting mortgage rules either don’t allow for unusual or specialist properties.

Such properties include:

This is often the case with big banks and building societies as they tend to have a stricter lending criteria around mortgage porting, so they may reject an application for an unusual property, especially one that’s uninhabitable. Lenders might ask for a larger deposit in these cases to offset the risk, so it isn’t always impossible to transfer your mortgage.

Whether you have bad credit

Lenders view borrowers with bad credit as a higher risk and can ask for a bigger deposit or even reject an application. With this in mind, the majority of high street banks and building societies won’t usually consider a borrower who is porting mortgages with recent credit issues.

However, as they already have the debt in place, if the mortgage is just moved to a new property, and the risk to the mortgage lender doesn’t change (or improves their position if the loan to value reduces), they may still consider your application.

If the application to port the mortgage is declined due to bad credit, there may well be other bad credit mortgage lenders happy to approve you for a brand new mortgage, depending on what the issues, how recently they occurred, and whether there’s a good reason for them.

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What will your new mortgage payments look like?

You can work out what your mortgage payments will be after you port your loan to your new home by using our mortgage repayments calculator below.

Input the total mortgage amount – i.e. the outstanding balance plus any extra you’re borrowing – along with the term length remaining and your current interest rate to get your calculations.

calculator icon

Mortgage Repayment Calculator

Our mortgage repayment calculator can tell you how much your mortgage will cost you each month and overall. Enter the amount you’re borrowing, the term length and interest rate, and our calculator will do the rest.


Enter the amount you're borrowing
£
2.5% is an average figure but the rate you get may vary
%
25 years is average, but most lenders offer longer and shorter terms
years

Monthly Repayments:

Interest Only:

Total amount paid at end of term:

Get started with an expert broker to find out how much they could help you save on your mortgage repayments.

Get Started

Bear in mind that your exact repayments may vary as your mortgage lender has the right to adjust your interest rate if you are porting and borrowing more. You should speak to a mortgage broker if you want bespoke repayment calculations that factor in these variables.

Common misconceptions about mortgage porting

Below we’ve busted some of the most popular myths that circulate around mortgage porting…

  1. Lenders reward customers for porting mortgages: Many people believe that their lender will offer them incentives to port their mortgage and reward their loyalty. While some mortgage providers do offer better rates for existing customers, this isn’t true of every lender, and even if you are offered an exclusive deal, there’s no guarantee you won’t get a better one by broadening your horizons and considering other lenders.
  2. Porting your mortgage is the quickest option: This isn’t always true. If your circumstances have changed or you’re moving to a more expensive property, mortgage porting can take just as long as a new application. The best way to save time on your application is to speak to a mortgage broker, as they will help you with all of the paperwork and make sure the process goes as smoothly as possible.
  3. You should always port to avoid early repayment charges: Not necessarily true. While porting can be a useful option if you’re locked into a fixed-rate agreement with high early repayment charges, it might not be the cheapest option in the long run. It’s important to find out exactly how much those ERCs will set you back, as it might be worth taking a hit if they’re relatively low and there’s a much better deal to switch to.

Which lenders offer mortgage porting?

Most mainstream mortgage lenders including Nationwide, HSBC and Halifax offer portable mortgages, but other lenders such as Swansea Building Society and Aldermore don’t.

Certain mortgage providers only offer porting with caveats, for example…

  • Barclays won’t let you port your mortgage to a property you already own, or won’t grant your permission to transfer if you’ve been granted consent to let
  • Leeds Building Society won’t let you port Shared Ownership or shared equity mortgages
  • Saffron Building Society has porting restrictions on products such as buy-to-let light refurbishment remortgages and self-build mortgages
  • Natwest Places restrictions on Help to Buy shared equity mortgages

If you’re worried you might fall afoul of your lender’s restrictions when mortgage porting, speak to a mortgage broker before you apply. They can tell you exactly how likely you are to be rejected by your lender and help you find an alternative mortgage provider, if this is necessary.

In any case, it’s advisable to speak to a broker before you contact your lender about mortgage porting, as it’s important to establish whether sticking with your provider is the best option.

Key takeaways from this guide

  • 01

    Mortgage porting isn’t always the best option:

    Many people choose it because they think it will be quicker and easier, but in reality, it can be no more straightforward than a new application if your circumstances have changed, plus failing to check what other mortgage lenders are offering could mean missing out on the best deal.
  • 02

    Always speak to a broker before agreeing to port:

    The right mortgage broker will weigh up the benefits of porting with your current lender and compare them to the deals you could potentially get elsewhere. They will compare mortgage rates across the entire market for you to help you make the right choice for your needs and circumstances.
  • 03

    We can match you with the right broker:

    Not all mortgage brokers are the same. Some specialise in self-employed customers, others bad credit and there are even mortgage advisors for foreign nationals based in the UK. It’s important to find the right broker for your needs and circumstances, and this is something we can help you with.

We offer a free broker-matching service that will quickly assess your requirements and pair you with the ideal advisor for you. Speaking to them before you discuss porting with your lender could save your time, money and potential marks on your credit report in the long run.

Call 0808 189 2301 or make an enquiry online and we’ll set up a free, no-obligation chat between you and your ideal mortgage broker today.

FAQs

How easy is it to port a mortgage?

The process of porting can vary from lender to lender, but in general, it is relatively straightforward and no different to a standard application.

One of the mortgage specialists we work with will be able to handle the application on your behalf regardless, to make the whole process as smooth as possible.

To decide if they are willing to lend to you, your lender will consider your application based on your income, outgoings and credit rating. The new property will also be assessed and valued.

What happens after you’ve ported your mortgage?

If porting your mortgage is the best course of action and you choose to go ahead with it, your mortgage lender would usually need you to complete on your new home and pay off your existing mortgage on the same day.

Some will allow you to keep your current deal for a limited time before you complete, generally between 30 days and as long as three months.

Do I have to pay a deposit if I’m porting my mortgage?

If you’re transferring your mortgage to a property of the same value or a cheaper one, the equity you’ve built up in your home should suffice as the deposit on your new one. You might, however, need to put down some deposit funds if you’re moving to a more expensive property and the enquiry you have isn’t high enough to meet the lender’s loan-to-value requirements.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts remortgages.


Ask us a question and we'll get the best expert to help.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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