What is mortgage porting?

Moving house, but you have a great mortgage rate you don’t want to lose? Porting could be the answer.

Porting means taking your existing mortgage (with its interest rate and terms) from your current home to your new one. Think of it as picking up your mortgage and moving it with you.

Important to know:

• You can’t port your mortgage to a property you already own.
• It’s only possible if your current lender allows it.

Things to think about before you port:

• Affordability: Your lender will check if you can still afford the mortgage on your new property.
• Extra borrowing: If you need to borrow more, the extra amount might have a different interest rate.
• Keeping a great rate: Porting can be a smart way to hold onto a good interest rate if you’ve got one.
• Multiple mortgages: If you borrow more, you might end up with two mortgages with different rates and end dates.
• Cost comparison: If you don’t need to borrow more, porting can sometimes be cheaper than getting a whole new mortgage.

We can explain the ins and outs of porting and you can decide if it’s the right choice for you.

Published June 2024

It is important to take professional advice before making any decision relating to your personal finances. Information on this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for information purposes only.