PORTING YOUR MORTGAGE

Porting your mortgage allows you to transfer your existing mortgage deal to a new property when you move home. This can be a great option if you’re happy with your current mortgage terms and want to avoid early repayment charges or higher interest rates associated with taking out a new mortgage.

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How Mortgage Porting Works:

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• Transfer Your Mortgage: When you port your mortgage, you transfer your existing mortgage terms to a new property. This means you can keep your current interest rate, term, and other conditions, as long as the new property meets the lender’s requirements.

• Additional Borrowing: If you need to borrow more money for your new property, this can be arranged alongside the ported mortgage, usually with a new deal or additional terms for the extra borrowing.

• New Property: The new property must meet the lender’s criteria, which may include a valuation and ensuring that it has sufficient value to secure the loan.

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Key Benefits of Porting Your Mortgage:

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• Avoid Early Repayment Charges (ERCs): If you're in a fixed-rate or other deal with an early repayment charge, porting allows you to move to a new home without incurring these additional costs.

• Keep Your Current Mortgage Deal: If you have a favorable interest rate or mortgage deal, porting allows you to continue with those terms, avoiding the need to negotiate a new deal.

• No Need to Reapply: You won’t have to go through the full mortgage application process, as long as your financial situation hasn’t changed significantly and the new property is approved by your lender.

• Streamline Your Move: Porting your mortgage can simplify the moving process, making it easier to transfer your mortgage and secure your new home without the need for new financing.

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Things to Consider:

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• Eligibility Requirements: Not all mortgages are portable, so it’s important to check whether your lender allows porting and if your current deal qualifies.

• Approval Process: Your new property must meet the lender’s criteria, which includes a valuation and possibly additional checks on your financial situation. If your circumstances have changed, this could affect your ability to port the mortgage.

• Additional Borrowing: If you need to borrow more money for the new property, the additional borrowing may be subject to different terms or rates, and could require a new application.

• Timing: Porting a mortgage can take time, so it’s important to plan ahead to avoid delays in securing your new home.

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How to Apply to Port Your Mortgage:

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1. Check Your Eligibility: Speak to one of our mortgage advisors to see if your current mortgage is portable and whether your new property qualifies.

2. Valuation and Approval: Your lender will likely need to conduct a valuation of your new property to ensure it meets their criteria for the loan amount.

3. Submit Your Application: If additional borrowing is required, or if there are any changes to your circumstances, you may need to complete an updated mortgage application.

4. Transfer Your Mortgage: Once approved, your current mortgage terms will be transferred to your new home, and any additional funds or changes will be agreed upon.

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Is Porting Your Mortgage Right for You?

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Porting your mortgage is ideal if:

• You’re happy with your current mortgage deal and want to keep your existing interest rate or terms.

• You’re moving to a new home but want to avoid early repayment charges.

• Your financial situation remains stable, and the new property meets your lender’s requirements.

Porting your mortgage can be a simple and cost-effective way to move to a new home without losing the benefits of your existing mortgage deal. If you're thinking about porting your mortgage, our expert advisors can help you navigate the process and determine the best course of action.