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Mortgage Advisor & Director
What is mortgage porting?
Mortgage porting means that you keep the same mortgage deal when you move to a new home.
You will have the same mortgage lender, loan amount, interest rate and terms. Our team of experienced advisors can help you decide if mortgage porting is the right option for you. We have access to many deals that are not available to the general public, meaning we will be able to advise whether it is beneficial for you to port your existing mortgage or move to another lender. To start the process, complete our simple online form today, and one of our team will be in touch.
How long does it take to port a mortgage?
A mortgage porting can typically be completed within a couple of weeks.
What are the benefits of mortgage porting?
Porting your mortgage means you can avoid early repayment or exit fees that would apply if you were to move 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 need to go through a process before agreeing to port your mortgage to a new property.
The mortgage provider will typically:
- Perform a credit check to see if there have been any changes to your situation
- Confirm your income to check the deal is still affordable
- Request information on the specifics of 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 situation, it might make more sense to get 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 to your request. They may offer you an additional top-up to your mortgage on a different interest rate and with a different repayment term.
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 permit 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.
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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.
Last updated 29 February 2024