What is a portable mortgage?
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In short: A mortgage you can transfer to a new property when you move home, keeping the same deal and terms if the lender agrees. Porting avoids early repayment charges on your current loan, but you must pass a fresh affordability check and may need to top up borrowing if the new home costs more.
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Reviewed by Kaiser Khan
Porting — or transferring — a mortgage means taking your existing loan to a different property instead of redeeming it and applying for a new one. If you are mid-way through a fixed rate, porting can let you keep that rate and avoid early repayment charges (ERCs) that would apply if you paid off the loan early.
The lender treats the port as a new application: you must pass affordability and credit checks based on your current income and the new property's value. If you need to borrow more to buy a more expensive home, the extra amount is usually priced at the lender's current deals, creating a 'top-up' mortgage alongside the ported balance.
Porting is not guaranteed. If the new property is unusual — a flat with a short lease, for example — or your circumstances have changed, the lender may refuse and you would need to redeem the loan and pay any ERCs. Compare porting against remortgaging to a new lender, especially if your loan-to-value has fallen and cheaper rates are available elsewhere.
Primary source: gov.uk/buying-a-home/preparing-to-buy
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