Are Lifetime Mortgages Portable?

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Moving Your Lifetime Mortgage to a New Home

What Happens If You Downsize?

What If Porting Isn’t an Option?

Getting Advice on Porting a Lifetime Mortgage

A lifetime mortgage allows homeowners aged 55 and over to release equity from their property while continuing to live there. But what happens if you want to move?

Many people worry that taking out a lifetime mortgage could limit their ability to relocate.

In most cases, these mortgages are designed to be portable, meaning they can be transferred to a new home, but this depends on lender approval and certain conditions being met.

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Moving Your Lifetime Mortgage to a New Home

Porting a lifetime mortgage means transferring it from your current property to another.

Since the loan is secured against your home, the lender will need to assess whether the new property meets their lending criteria.

This is to ensure the value and type of home remain suitable for the agreement. If the lender is satisfied, the mortgage can move with you, keeping the same terms as before.

If the new home does not meet their requirements, porting may not be possible. Properties with non-standard construction, retirement developments, or those considered high risk can be more difficult to secure lending against. In these cases, the mortgage may need to be repaid before moving.

What Happens If You Downsize?

If you are moving to a lower-value property, your lender may require a partial repayment to adjust the mortgage balance.

Since the amount borrowed is based on the value of the home, downsizing could mean the lender is no longer willing to secure the full loan amount against the new property.

Some lifetime mortgages offer downsizing protection, allowing you to move without facing early repayment charges after a certain period.

What If Porting Isn’t an Option?

If your lender does not approve the new property, repaying the mortgage will usually be necessary before moving. Depending on the terms of your loan, this could mean facing early repayment charges.

Some providers offer flexibility for those needing to move due to health reasons or significant life changes, so checking your agreement is important before making any decisions.

Getting Advice on Porting a Lifetime Mortgage

Moving home with a lifetime mortgage can be more complex than with a standard mortgage. Each lender has different rules on what they will accept, and property suitability is key to whether porting is possible.

If you are considering a move, speaking with a mortgage advisor can help you understand your options. At UK Moneyman, our team can explain the process and work with you to explore the best route forward.