Porting your Mortgage - Right Mortgage UK

Can I “Port” my mortgage?

Most mortgages with high street lenders are “portable” this means moving your current mortgage product to a new property without incurring your early repayment charge which can range from 1% to 5% of your existing mortgage balance and can cost thousands of pounds. This does not apply to all cases and depends on what type of move you are doing:

Moving to a lower or equal value property or no additional borrowing required

If you are moving house and don’t require additional borrowing, many lenders will allow you to move your mortgage to a new property even if your circumstances have changed and you are no longer eligible for the original loan.
In multiple cases we have dealt with clients who have been declined by their existing lender simply because the staff member who dealt with did not fully understand their own rules when it comes to porting a mortgage.
If you are downsizing and require a smaller loan it is likely that an early repayment charge will be payable on the amount repaid

Moving to a higher value property and additional borrowing required

If you are moving house and require additional funds you would need to fit the lenders criteria for the full borrowing (for example if you already owe £200,000 and need £50,000 additional you would need to meet the affordability for £250,000). So, if your circumstances have changed since you took the original mortgage you may no longer be eligible and we will have to look elsewhere.
If you do meet the criteria for additional lending, your additional lending will be on a rate from your lenders current product range and the original borrowing will stay on the same product. This can cause problems when products come to an end as the elements of your mortgage may all end at different times.

Our advisors will assess the benefits and feasibility of porting your mortgage as this does vary depending on:

Who your mortgage is with?

Not all lenders allow this and ones that do can have rules in place which dictate eligibility.

The interest rate you are currently paying

As interest rates have been very changeable in recent years porting your mortgage may only beneficial if you are paying an interest rate lower than what is currently available or if you are paying a higher rate but the penalties for exiting your mortgage are too high.

The size of your early repayment charge

As early repayment charges can decrease over time and some products do not have an early repayment charge at all, there will be instances where porting doesn’t actually benefit you and looking at a whole new mortgage is the better option.

We offer a fee free service for customers porting their mortgage with or without additional borrowing and this offers you some great advantages as a client:

We know the lenders porting criteria.
You will have a personal contact.
You will not be subject to the call centre hold times of a large bank.
We will make sure porting is the right way to approach your new property purchase.