Porting a Mortgage
Porting a mortgage transfers your existing rate and terms to a new property - potentially avoiding early repayment charges when moving home - but porting is not always available and is not always the best option even when it is.
When porting makes sense - and when it doesn't
Portability allows borrowers to take their existing mortgage rate with them when they move home, avoiding the ERC on their current fixed rate. Porting sounds simple but involves a new affordability assessment on the new property, the existing lender's criteria must be met, and additional borrowing for a more expensive property goes on a new rate rather than the existing one. A full market comparison often finds a better overall outcome than porting.
Every porting and moving scenario assessed
When Porting Avoids ERCs
The primary reason to port is avoiding the ERC on a fixed rate with significant time remaining. If the ERC is 2% on £300,000, that is £6,000 saved if porting succeeds. We model the ERC saving against the alternative remortgage deal to confirm porting is genuinely the best option.
The New Affordability Assessment
Porting is not a right - it is subject to a new affordability assessment by the existing lender on the new property and current income. If income has fallen, employment has changed, or the new property has a higher loan, the porting application may be declined.
Additional Borrowing at a New Rate
Where the new property costs more than the existing mortgage balance, the additional borrowing goes on a new rate - not the existing ported rate. The blended rate of the ported amount plus the additional borrowing must be compared against a fresh full market comparison.
When Full Remortgage Beats Porting
Where the ERC is small, the remaining fixed term is short, or the open market offers a materially better rate, a full remortgage can produce better overall terms than porting despite paying the ERC. We model both scenarios before making a recommendation.
Porting Declined by Lender
If the existing lender declines the porting application - due to changed income, changed property type, or LTV changes - the ERC typically still applies if the mortgage is redeemed on the property sale. A specialist broker finds the best alternative at that point.
Full Market Comparison
Whether porting or not, we compare the full mortgage market for the new purchase. This provides the benchmark against which the porting option is assessed - and the alternative if porting is declined or not available.
How it works
Current mortgage and ERC assessment
Tell us your current rate, lender, outstanding balance, and remaining fixed period. We calculate the ERC saving from porting and compare it against the best available open market alternative.
Port viability check
We assess whether the existing lender is likely to approve the porting application based on your current income, the new property type, and the LTV required. If porting is unlikely to succeed, we focus on the full market alternative.
Porting or full remortgage application
We manage whichever route produces the best outcome - porting application to the existing lender, or full market comparison for a new lender. Both options are modelled before any application is submitted.
Completion aligned to property chain
Mortgage completion is co-ordinated with the property sale and new purchase completion dates. Porting requires the sale and purchase to complete simultaneously or in close sequence.
Moving home and not sure whether to port or remortgage?
Tell us your current rate, outstanding balance, and new property price. We model both options and recommend the best outcome - same working day response.
Frequently asked questions
What is porting a mortgage?
Porting transfers your existing mortgage rate and terms to a new property when you move home. It allows you to keep your current rate - and avoid the ERC on a fixed rate - rather than redeeming the mortgage on the property sale.
Does porting mean I avoid the ERC?
Yes - if the porting application succeeds. If the existing lender declines the porting application, the ERC typically still applies when the mortgage is redeemed on the property sale.
Is porting always the right choice?
Not necessarily. We compare the total cost of porting (existing rate on ported amount, new rate on additional borrowing) against a fresh full market remortgage including the ERC cost. Porting is sometimes not the most cost-effective option even when it is available.
What if I need to borrow more than my existing mortgage balance?
The additional borrowing goes on a new rate - not the existing ported rate. The blended cost of the ported amount plus the additional borrowing at a new rate must be compared against a full remortgage at one rate.
What if my existing lender declines the porting application?
The mortgage must be redeemed on the property sale and the ERC applies. We then find the best available mortgage from the full open market for the new purchase - often at competitive rates that partially offset the ERC cost.