Can You Take Your Deal with You When You Move?
If you’re planning to move home but love your current mortgage deal, you might be wondering: can I take it with me? The good news is, many mortgages are “portable”, meaning you can transfer your existing deal to your new property.
Here’s how it works, and what you should know before making the move.
What is Mortgage Porting?
Porting means transferring your current mortgage deal (including the interest rate and terms) to a new property when you move home.
It can be a great option if you’re locked into a competitive fixed-rate deal and want to avoid early repayment charges.
When Does Porting Make Sense?
- You’re mid-way through a fixed-rate mortgage deal
- You want to keep your current interest rate
- You’re moving to a home of similar value (or need only a small top-up)
How Does the Process Work?
Even if your mortgage is portable, your lender will still need to assess your affordability for the new property.
You may need to:
- Submit a new mortgage application
- Provide updated income and expenditure details
- Pay valuation and arrangement fees
If your new home is more expensive, you may need to borrow extra, and the additional borrowing could be at a different interest rate.
What to Watch Out For
- It’s not automatic: Porting is often subject to underwriting checks and approval
- Fees may apply: Some lenders charge valuation or admin fees to port your deal
- Additional borrowing may be on different terms
- Not all deals are portable: Check your mortgage terms or ask your advisor
Pros of Porting Your Mortgage
- Keep your existing rate (if it’s better than current market offers)
- Avoid early repayment charges
- Maintain continuity with your lender
Cons to Consider
- Extra borrowing might be at a higher rate
- You’ll still need to reapply and meet affordability criteria
- You may not be able to port if your circumstances have changed (e.g. new job or reduced income)
how we can help
Before you make a move, talk to our expert advisors. We’ll check whether porting is possible and in your best interest, and help you explore all your options, including better deals available elsewhere.
📞 Call us on 01225 962456
📧 Email us at enquiries@windsorhillmortgages.co.uk