Porting a Mortgage: Can You Take Your Rate With You When You Move?

Moving house doesn’t automatically mean losing the mortgage rate you’ve got. Porting a mortgage lets you take your existing deal to a new property instead of paying an early repayment charge and starting again from scratch.

It sounds straightforward, and often it is, but there are a few places it can catch people out.

What Does Porting a Mortgage Actually Mean?

It means transferring your current mortgage product, rate and terms to a new property, rather than paying it off and taking out a fresh deal. It’s the deal that’s portable, not the loan itself, which is an important distinction.

Can You Really Keep Your Rate When You Move?

Usually, yes, but your lender has the final say. Porting a mortgage still means reapplying in full. Your lender will run a fresh affordability check and credit check, and there’s a chance you could be declined even with a spotless repayment history, if your circumstances have changed since you first borrowed.

What Happens If You Need to Borrow More?

You’ll likely end up with two rates rather than one. Your ported balance keeps its existing rate, and any additional borrowing needed for a more expensive property is arranged as a separate loan, usually at whatever rate your lender is currently offering. Some lenders call this a “blend and extend”, but the underlying idea is the same: your old rate on the old amount, a new rate on the new bit.

When Porting a Mortgage Doesn’t Make Sense

Mainly when rates have fallen since you took out your current deal, or your existing product no longer reflects what’s actually available. In that case, paying the early repayment charge and remortgaging properly can work out cheaper over the life of the loan than porting a rate that’s no longer competitive.

If you’re not sure whether that applies to you, it’s worth understanding how your deal behaves if you do nothing. We cover what happens when a fixed rate lapses in our piece on standard variable rates, which is the fallback position if a port or remortgage isn’t sorted in time.

The Timing Trap

The biggest risk with porting a mortgage isn’t the rate, it’s the calendar. Your sale and purchase rarely complete on exactly the same day, and most lenders only give you a window, often somewhere between 30 and 90 days, to complete the port after your sale goes through. Miss it, and you could still end up facing an early repayment charge anyway.

Speaking to a broker before you even list your home, rather than once an offer is accepted, gives you time to confirm your mortgage is portable and get ahead of that window.

So Should You Port or Remortgage?

It depends on how much time is left on your current deal and where today’s rates sit relative to when you fixed. If you’re well into a competitive fixed rate, porting usually wins. If your deal is nearly over anyway, comparing the market properly is often worth the extra admin.

If you’re moving because you’ve outgrown your current place, our guide on upsizing to a family home covers the mortgage side of that particular move in more detail.

Not Sure Where You Stand?

Whether you’re planning a move next month or just want to understand your options before you list, a quick conversation costs nothing and could save you a lot. Get in touch with our team and we’ll give you a straight, honest picture of whether porting makes sense for you.

Frequently Asked Questions

What does porting a mortgage mean?

It means transferring your existing mortgage rate and terms to a new property, rather than paying off your current deal and taking out an entirely new one.

Will I definitely be approved to port my mortgage?

No. Porting still requires a full reapplication, including a new affordability and credit check. Approval isn’t guaranteed even if you’ve never missed a payment.

Can I port a mortgage and borrow more at the same time?

Yes. This is common when moving to a more expensive property. The ported amount keeps your existing rate, and the extra borrowing is arranged separately, usually at a current rate.

What if I’m moving to a cheaper property?

You can usually still port, but you may only be able to transfer part of your mortgage. The remainder may be subject to an early repayment charge, depending on your lender.

Is porting always better than remortgaging?

Not always. If rates have dropped since you took out your current deal, remortgaging despite the exit fees can sometimes work out cheaper overall. It’s worth comparing both before deciding.

How long do I have to port my mortgage after selling?

It varies by lender, but many allow a window of 30 to 90 days between selling your existing home and completing on the new one. Confirm the exact terms with your lender or broker in advance. You can read more in MoneySavingExpert’s porting guide.