If you’re planning on moving house, you may be able to take your mortgage with you. This process is called mortgage porting. It can be a convenient way to move, but make sure you understand the process and compare it to other options before deciding.

Mortgage porting is a process whereby you can transfer your existing mortgage to a new property, usually when you’re moving house. The main benefit of mortgage porting is that it can save you a lot of money in terms of charges, as you won’t have to take out a new mortgage. The rates and terms would stay the same, while the amount you borrow can be different than before—it could be more or less! 

When you are looking to move your mortgage from one home to another, the lender will want to know if you can still afford the mortgage and if their position in terms of risk has changed. If you change your property value or loan-to-value ratio, the lender may not approve you for the same deal as before. More risk is involved in these situations, so that the lender will be more cautious.

However, before you port your mortgage, there are a few things to bear, so it’s always a good idea to talk to a mortgage broker first. These considerations come to mind:

  • New circumstances: If your financial or work situation has changed since you got your first mortgage, you might have different options available to you now. 

If your credit report or income has increased, you may now qualify for a more favourable mortgage deal. Having a mortgage broker look at all the deals you now qualify for is a good idea.

If you’ve suffered a decrease in income or have had credit problems, you may not be eligible to port your mortgage.

  • The new property’s price: If you’re looking to save money on your mortgage, one option is to port it to a cheaper property. This can often be done relatively easily, as you’re not asking to borrow any additional funds. 

If you’re looking to move homes but still have an outstanding mortgage, you’ll need to go through the same application process again. Remember that the process may be stricter than when you originally applied for your mortgage. 

Additionally, if the value of your home has decreased, but you’re not looking to increase the amount of your loan, your lender may not approve the move as it would increase the risk of their investment.

You may be able to port a mortgage to a more expensive property, but you may need to take out a larger loan if you don’t have the extra money to cover the difference.

If you’re moving and need to borrow more money, you can usually buy a new mortgage product from the same lender. The interest rate is based on the lender’s current rates.

If you can pay more upfront, the lender will be more likely to approve your mortgage and offer a lower interest rate. This is because the lender’s risk is lower when the loan-to-value ratio is lower.


If this talk about porting still seems foreign to you, we suggest contacting specialists like Sell My House Quickly Please today! We sell your London property fast with no fees. You can also transfer your mortgage to us if you cannot make payments; just reach out to us on our website today!