If you’re thinking about moving home but don’t want to lose the mortgage deal you already have, there’s a good chance you’ve wondered about porting your mortgage. With interest rates fluctuating and affordability under pressure, many UK homeowners want to keep hold of a competitive rate rather than starting from scratch.
This guide explains what mortgage porting is, how it works, and whether it might be the right option for your move.
What Does “Porting Your Mortgage” Mean?
Porting a mortgage simply means transferring your existing mortgage product to a new property. Instead of ending your current deal and applying for a completely new mortgage, your lender allows you to carry over the same interest rate and terms — subject to affordability and credit checks.
It can be especially useful if:
- You’re tied into a fixed-rate deal and want to avoid early repayment charges.
- Your current mortgage rate is lower than what’s available on the market.
- You like the predictability of your existing arrangement and want to keep it.
How Does Mortgage Porting Work?
The process usually involves:
1. Application – You apply to your current lender to transfer your mortgage.
2. Affordability checks – The lender reassesses your income, outgoings, and credit history.
3. Property valuation – They’ll check the new property meets their criteria.
4. Approval and transfer – If approved, your existing mortgage deal is moved to the new property.
If your new property is more expensive, you may need to borrow more. This additional borrowing usually comes as a separate loan, potentially at a different rate.
Pros of Porting Your Mortgage
- Keep your current rate – A big advantage if rates have risen since you secured your deal.
- Avoid early repayment charges – Many fixed-rate mortgages have penalties if repaid early; porting avoids triggering them.
- Continuity – You stay with the same lender, which can simplify admin.
Cons and Pitfalls
- Re-approval needed – Porting isn’t automatic; you must pass the lender’s checks again.
- Different deal on extra borrowing – Any top-up loan is usually on a separate rate, which can complicate things.
- Lender restrictions – Not all mortgages are portable, and lenders may refuse based on your circumstances.
- Valuation issues – The new property must meet the lender’s lending criteria.
Alternatives to Consider
Porting isn’t always the best choice. You might also consider:
- Remortgaging – Ending your current deal and moving to a new lender (sometimes even with early repayment charges, this can work out cheaper).
- Staying put until your deal ends – If moving isn’t urgent, waiting until your fixed-rate period ends avoids penalties.
Is Porting the Right Move for You?
- Whether porting makes sense depends on:
- How competitive your current rate is
- The size and price of your new property
- Your income and financial circumstances now
- How long is left on your current deal
Speaking with a qualified adviser can help you weigh up the numbers and make the right decision for your situation.
Final Thoughts
Porting your mortgage can be a smart way to move home without losing your current deal, but it isn’t guaranteed and doesn’t always work out as the cheapest option. At Argyll Drummond, we help homeowners understand whether porting is right for them — and compare it with other choices like remortgaging or taking out a new deal.
Get in touch with our team today to explore your options and make your move with confidence.