Head of Content
Mortgage Advisor & Director
Mortgage options for home movers
When you're moving home, you have the option of transferring over your existing mortgage to the new property - known as mortgage porting - or finding a new mortgage.
If you elect for a new mortgage deal, this can be either with your existing lender or a new lender.
Our team of experienced advisors have helped many home-movers to decide whether to transfer their existing mortgage or agree a new deal with a different lender. We can help you find the best option, complete our straightforward online form and we promise to make your mortgage journey stress-free!
What is mortgage porting?
Mortgage porting means that you keep your existing mortgage deal when you move to a new home.
You will have the same lender, loan amount, interest rate and terms. You may decide that keeping the same mortgage deal is not for you; our team can help you to determine what is the best route forward when moving to a new home.
How long does it take to port a mortgage?
A mortgage porting can typically be completed within a few weeks.
What are the benefits of mortgage porting?
Porting your mortgage means you can dodge early repayment or exit fees that would apply if you were to transfer to another deal. Mortgage porting can also be more straightforward than moving to another lender.
What are the stages involved in mortgage porting?
Your existing lender will go through a process before agreeing to port your mortgage to a new home.
The mortgage provider will typically:
- Perform a credit check to see if there have been any significant changes to your situation
- Check that your income is the same and that the deal is still affordable.
- Request information on the new property, for example, is it a standard build or listed building.
- Perform a valuation of the property.
Mortgage porting or remortgage
Depending on your circumstances, it might make more sense to agree a new mortgage with a different lender.
With interest rates at record low levels, there are plenty of competitive deals on the market. However, you may be liable for exit fees with your current lender, which could cost you thousands of pounds. Our advisors can help you to decide which is the most financially advantageous option depending on your circumstances.
Can I borrow more when I port my mortgage?
You can request to increase your borrowing; however, there is no guarantee that your lender will agree.
They may offer you an additional top-up to your mortgage on a different interest rate and maybe with a different repayment term.
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Can I reduce my borrowing when I port my mortgage?
If you are downsizing when you move, you may be looking to reduce your borrowing.
The majority of lenders will allow you to reduce your borrowing by up to 10% without incurring a fee. Once over the 10% threshold, you are likely to incur a fee when reducing your loan.
How can I learn more?
Our team have helped many people to decide whether mortgage porting is the best option for them, based on their individual situation and current deal. To get started, complete our quick and easy form now.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.