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Porting a Mortgage

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What is porting a mortgage?

Porting a mortgage is when you transfer your existing mortgage to a new property. Porting works well if you are currently tied into a fixed rate deal and interest rates have increased since you took it out or have a long-term tracker rate that you’re wanting to keep.  

Porting your mortgage avoids you having to pay any early redemption charges to move home. Mortgage porting allows you to retain your existing mortgage rate, term, and features.  When porting a mortgage, income checks and affordability will be reassessed by your lender just like with a new mortgage application.  

If you are looking to borrow more money for your new property, this money will be on a different deal to your existing loan, and you’ll need to apply for additional borrowing during the application process.

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How does porting a mortgage work?

Porting a mortgage works by allowing you to maintain your current deal and move home.  Most mortgages are portable these days, however, each lender does have specific criteria surrounding this therefore it’s important to seek mortgage advice to know your options.   

If your new home costs more than your current one and you need to increase your borrowing with your lender this will be a new application at a new rate over a new term, usually different to your current deal.  

The alternative to porting a mortgage is a new moving home mortgage and searching the market with a different lender.  Our mortgage broker team will help you compare which route is most beneficial for you and your individual situation.  

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Our mortgage porting service

Our mortgage brokers will let you know what your options are and whether it’s best porting the mortgage or searching the market.  

We’ll answer all your questions and provide support and guidance throughout the whole process. Helping you overcome any hurdles that you meet along the way with the mortgage, surveys, and valuation.  

When porting a mortgage and taking additional borrowing, your future remortgage can prove trickier as you must wait until both parts of your mortgage have finished their deals to bring them into sync.  It can mean letting one of your parts lapse on to the lenders standard variable rate and paying a bit more for a while until the other part finishes.  

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Porting a Mortgage – Frequently Asked Questions

Can I port my mortgage?

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Most mortgages are portable and will allow you to move your current deal to a new property if you meet their criteria.

There is lending criteria to meet when porting a mortgage, therefore, if your income has reduced or your credit score is lower since you took it out you could struggle.

If you are buying a more expensive property and require additional funds, this will be a new loan application with your existing lender on different terms.

If you are buying a cheaper property, you may need to repay some of your loan back subject to the terms and conditions of your original mortgage which may include early redemption charges.

What documents do I need for porting a mortgage?

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The documents that you will need to provide for porting your mortgage are the same as a normal mortgage application, these are: 

  • 3 months bank statements.  
  • 3 months evidence of earnings.  
  • Identification.  

You’ll need to meet your lenders affordability criteria and pass a new credit check to qualify for the mortgage port.  

Additional documents may be requested by your lender along the way, therefore, we’ll try to predict this and help you present your application in the best light to ensure a smooth port.  

Can you port a mortgage when self-employed?

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Yes, if you pass the lenders criteria and affordability checks.  Porting a mortgage lets you transfer your deal to a new property, it’s not a guarantee of a loan on the new property.   

If you are self-employed and looking to port, you’ll be required to pass a new mortgage application with your lender, just like with a new self-employed mortgage customer, there’s no difference.  

You’ll need to evidence your income in the form of HMRC documentation such as a SA302 with tax overview documents and/or P60 etc. 

If you are recently self-employed then you might struggle porting a mortgage.  There may be other mortgage lenders on the open market more suitable that will accept a minimum of one year’s accounts.    

Can you port a mortgage with bad credit?

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Yes, you can port a mortgage with bad credit if you are able to pass the lenders current credit score in the same way as a new customer would be assessed.    

Maybe your credit score has reduced since you took out your original mortgage or you’ve had credit problems.  Getting an up-to-date copy of your credit report can help as mortgage criteria is based on when the bad credit happened, how much it was for, and if it’s now settled.  

Every lender will have different criteria when it comes to bad credit mortgages therefore it’s important to seek professional advice ahead of making any moving plans, so you know these and what your options are.   

Bad credit includes, county court judgements, defaults, missed payments, and a low credit score due to the conduct of your accounts.  

Are all mortgages portable?

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No, not all mortgages are portable although the majority are.   Please note that even if your mortgage is portable, you’ll still have to pass the criteria, affordability checks, and credit score with your existing lender to port your mortgage to a new property. It’s a very similar process to a new application.  

Can older client port a mortgage?

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If you are approaching retirement you might struggle with porting your mortgage if you are looking to borrow additional funds, or your situation has changed since you took out your original mortgage.   

There are lots of options for mortgages for the over 60s nowadays so it’s important to speak to a specialist retirement mortgage advisor, like ours, to know your options.  

What happens if I get declined for a mortgage port application?

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If your application gets declined for porting your mortgage your options are: 

  1. Stay where you are in your current property until your situation improves.  
  2. Pay any early redemption charges that apply on your existing mortgage and switch to a new lender.  

Our mortgage brokers will help you consider your mortgage options and let you know if you are able to qualify for a mortgage with a new lender on the open market.   

There may also be an option to borrow more money on a new mortgage if you are able to qualify.  

What are the benefits of porting a mortgage?

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The benefits of porting a mortgage are: 

  1. Cost savings – one of the primary advantages of mortgage porting is the potential cost savings. By avoiding early repayment charges, homeowners can transfer their mortgage seamlessly, without incurring additional fees. This can be particularly advantageous if you are on a fixed-rate mortgage and want to maintain your current interest rate in a rising market. 
  2. Maintaining favourable terms – mortgage porting allows borrowers to retain the favourable terms of their existing mortgage. This includes the interest rate, loan duration, and other conditions negotiated at the inception of the mortgage. This stability can be especially crucial if market conditions have changed since the original mortgage was obtained. 
  3. Time scales – porting a mortgage eliminates some of the time needed for a new mortgage application as you are already known to the lender.   

What are the disadvantages of porting a mortgage?

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The disadvantages of porting a mortgage are: 

  1. Increased rates on additional borrowing – one of the primary disadvantages of porting a mortgage is that if you are buying a more expensive property and you need to take additional borrowing, this can be at a more expensive rate than what would be available on the open market.  Depending on the size of the additional borrowing, this can amount to a lot of additional interest paid.  
  2. Mortgage parts out of sync – if additional borrowing is required, this part will have a different product end date than your original mortgage.  In the future to remortgage, both parts will need to be on the lenders standard variable rate.  It’s important to try and get both deals in sync as much as possible to avoid you paying your lenders standard variable rate for long.  Your existing lender might offer you product transfer mortgage deals down the line also for you to consider.  
  3. Failing the application – your existing lender might not let you port your mortgage or you might not be able to borrow the additional money you require to move home.  In this instance and you still want to move, you’d have to consider paying any early redemption charges to switch to a more suitable lender.  

How long does porting a mortgage take?

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Porting a mortgage can take anything from 14 days up to 3 months depending on the complexity of your application.  

Your existing lender will also want to value your new home to ensure that it’s worth what you are paying.  Additional surveys could also be requested.   

8 Reasons to choose UK Moneyman

We are open every day of the week!

We are able to work around your busy moving schedule, always there when you need support.

Benefit from a Free Mortgage Appointment.

You won't have to pay us before we do anything! We're only paid on getting results.

You will get a dedicated case manager.

You can worry less knowing that you'll have the same person to work with all throughout your process.

We care about our customers!

It's never simple trying to port your mortgage. We'll be on hand to support you during your process.

Insurance advice for you and your family, free from jargon.

We'll recommend the best insurance products to ensure you won't have to leave your home, should you happen to fall seriously ill or be unable to work.

1000s of possible mortgage options.

We're able to take part of the stress off your shoulders, looking at your options, whilst you focus on the move.

We have a lot of experience and knowledge.

It's likely we will have encountered something like your situation before. We will use what we know to further your case.

You will have a mortgage advisor with you every step of the way.

We know that moving home is stressful. You have to sell your current home and find another at the same time. We'll work hard to reduce your stress, going beyond to help recommend property surveys and conveyancing solicitors too.

10 Step Guide to Porting a Mortgage

1. Check mortgage portability

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Not all mortgages are portable, so the first step is to check whether your existing mortgage allows porting A good place to start is by checking your mortgage offer or contact your lender to understand the specific terms and conditions related to portability.  Your mortgage advisor can help with this also giving you peace of mind that everything is being done correctly and to avoid costly mistakes.

2. Seeking mortgage advice

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Speaking to a mortgage broker as early in the process as possible as advisable to seek help and guidance throughout the whole process. When porting a mortgage, it’s important that you fully understand the benefits and disadvantages. 

3. Assess the eligibility of the new property

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The property you intend to purchase must meet the lender’s criteria for mortgage porting. Factors such as the property’s value, location, and type will be considered. Work closely with your mortgage broker will ensure the new property aligns with their porting requirements.

4. Financial assessment

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Lenders will conduct a financial assessment to determine whether you can afford the mortgage on the new property. This involves a review of your income, expenses, and overall financial stability. Be prepared to provide updated financial information and documents as part of the process.

5. Application for mortgage porting

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Once your broker has confirmed the portability of your mortgage and the eligibility of the new property, we can formally apply for mortgage porting. This typically involves us completing an application form and submitting the necessary documentation. Any additional borrowing will be applied for here also at the current rates. Depending on the size of the additional borrowing, your broker will compare your options with other lenders also to ensure you’re not paying more interest than necessary.

6. Valuation

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Mortgage lenders will usually require a valuation of the new property to assess its market value. This step is essential in determining the loan-to-value ratio and ensuring that the mortgage remains viable based on the new property’s value.

7. Legal conveyancing

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Mortgage porting involves legal and administrative procedures, including the transfer of the mortgage deed to the new property. Legal professionals call conveyancers will be involved to facilitate the smooth transition of the mortgage. We can recommend these if required.

8. Exchange of contracts

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Once all the necessary steps are completed, the mortgage porting process comes to an end with an agreed exchange of contracts date.  This is the date that all the legal companies work to and your planned completion date After exchange of contracts, you are now the legal owner of your new property and any buildings or life insurances should be put into place.

9. Completion

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Once you have exchanged contracts your purchase will be completed by your conveyancerCompletion is when all of the legal work is finalised from both sides.   

10. Moving in

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Once you have completed on your purchase you can then move into your new home with the assurance that your existing mortgage terms have been seamlessly transferred.

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Registered Address: 10 Consort Court, Hull, HU9 1PU.

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