Porting means taking your existing mortgage - the same lender, rate and terms - with you when you move house, rather than paying it off and taking out a brand new one. It's generally considered when you're partway through a fixed rate, since leaving your lender early would normally mean paying an early repayment charge, often running into the thousands of pounds. Most lenders will let you port your mortgage and, subject to affordability, increase it too - but porting isn't guaranteed to work out in every situation, so it's worth understanding when it does and doesn't make sense.
Key takeaway: If you're on a fixed rate and planning to move home, porting can help you avoid an early repayment charge by taking your existing deal to the new property. But it's subject to a fresh affordability check and your lender's criteria, and it isn't a formality - in some situations, paying the charge and moving to a different lender works out better overall.
[[stats: 90 days-6 months = Typical porting window | 1%-5% = Typical early repayment charge | 90+ = Lenders we search across]]
What does porting a mortgage actually mean?
Technically, your existing mortgage is redeemed (paid off) when your current property sale completes, and a new mortgage on the same rate and terms is issued when your new purchase completes - usually on the same day. Provided this happens within your lender's porting window, commonly somewhere between 90 days and 6 months from when your old mortgage is redeemed, you avoid paying an early repayment charge on the amount you carry across.
Why consider porting when you move home?
If you were to change lenders instead of porting, an early repayment charge could be payable - often in the thousands of pounds, and sometimes considerably more depending on your mortgage balance and how far you are through your fixed rate. Early repayment charges are usually calculated as a percentage of your outstanding balance, typically somewhere between 1% and 5%, and generally reduce the further you get through your deal. Because most lenders allow you to port your existing deal, and subject to affordability can also let you increase your mortgage at the same time, porting can mean avoiding that charge altogether while keeping the rate you already have.
Does porting always work out?
Not necessarily. Porting only helps if your existing lender can actually lend you what you need for the new property.
Example: Say you need a new mortgage of £250,000 for the property you want to move to. Your mortgage is currently with Lender A, who would charge you £6,000 to leave early, but Lender A will only lend you £220,000 towards the new property. Lender B, a different lender, will lend you the full £250,000 you need. In this situation, you may be forced to change lenders to borrow the amount required, and pay the £6,000 early repayment charge to Lender A regardless of whether you wanted to port. See our guide on how much you can borrow on a mortgage for more on why different lenders offer different amounts.
For this reason, if you're taking out a 5-year fixed rate and think you might move within that time, you shouldn't rely solely on the mortgage being portable. It's worth discussing all the options available so you take out a product that suits your circumstances from the outset, rather than assuming you'll be able to port later.
Good to know: A lower rate elsewhere can outweigh the charge. If your current rate is, say, 6%, but another lender is offering 3%, it may work out more cost-effective overall to pay the early repayment charge and switch, rather than staying with your existing lender purely to avoid it.
[[table: | Porting | Moving to a new lender ;; Early repayment charge | Not payable if you port the full balance within your lender's porting window | Usually payable if you're still within a fixed or tie-in period ;; Interest rate | Keeps your existing rate | A new rate, which could be higher or lower than your current one ;; Affordability check | Still required | Still required ;; Tends to work best when | Your existing lender can lend you enough, at a rate that still suits you | Your existing lender can't lend enough, or a meaningfully better rate is available elsewhere]]
Want to see how a different rate would change your monthly repayments? Try the calculator below.
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What if you've already sold before completing on your next home?
Yes, you can still port in this situation. If you sell your home and redeem your mortgage in full before you've completed on a new purchase, the early repayment charge becomes payable at that point. However, if you then complete on a new mortgage within 6 months of redemption, most lenders will refund the early repayment charge. Some lenders work to a shorter window and require the new mortgage to complete within 3 months instead, and some will only refund part of the charge - typically around 50% - rather than the full amount. The process itself varies too: some lenders will let you carry your existing product forward, while others will need you to reapply for a new product with them, since the original mortgage has technically already been redeemed.
This is worth knowing if you're a home mover who needs to break a chain, since selling before you've completed on your next property doesn't automatically rule out porting. That said, there's no guarantee your new mortgage will complete within the refund window - whether because the legal process takes longer than expected, or because a sale or purchase falls through and you have to restart the buying process on a different property. If that happens, you could end up not having the early repayment charge refunded after all.
Do all lenders let you port your mortgage?
The vast majority of UK mortgages are portable, subject to affordability, but not every lender allows it. It's worth checking your specific lender's policy, or asking a broker to check for you, rather than assuming porting will automatically be available when the time comes.
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Frequently asked questions
What if I've already sold my property? Can I still port my mortgage?
Yes. You'll pay the early repayment charge when your mortgage is redeemed, but most lenders will refund it if you complete on a new mortgage within 6 months - some require 3 months instead, and some only refund part of the charge. This is useful to know if you need to break a chain, though there's no guarantee your next purchase will complete in time to qualify for the refund.
My new lender isn't offering me enough. What are my options?
If you're porting your existing balance without increasing it - known as a like-for-like port - some lenders will let you bring your exact mortgage across to a new property, even if they wouldn't lend you that amount as a new customer. This is because they've already lent you the money against your current home, so letting you take the same mortgage to a new one doesn't put you in a better or worse position from their point of view. Like-for-like porting typically means your balance stays the same or lower, your term stays the same or longer, your repayment type is unchanged, and the same people remain on the mortgage.
I'm going through a separation or divorce. Can I port our joint mortgage?
Yes. However, only one of you can take the mortgage forward - the other will need to sign to confirm they're happy for the mortgage to be ported to the new property, and that they're waiving their right to do the same themselves. Handled this way, it will usually avoid an early repayment charge being paid. A mortgage broker can talk you through how this works alongside the wider financial side of separating.
What happens if I'm porting and reducing my mortgage balance?
You'll usually pay an early repayment charge, but only on the amount your balance is reducing by, not the full mortgage. In some cases, particularly if your fixed rate still has a while to run, it can work out better to take the entire balance with you and reduce it once the fixed rate ends, rather than paying a charge now. Which approach suits you depends on how long is left on your deal, so it's worth talking it through with a mortgage broker at Quanstrom Financial.
Can I port my mortgage and take out a top-up with a different bank?
No - you can't have two first charge mortgages secured against the same property with two different lenders. That leaves two options: any additional borrowing you need has to be with your existing provider alongside the ported balance, or you could look at a second charge mortgage with a different lender if your existing provider can't lend you enough. Second charge mortgages typically come with higher fees and higher interest rates than a standard mortgage, but depending on your circumstances, this can still work out better value than paying an early repayment charge to leave your current lender altogether.
Written by Toby Quanstrom CeMAP, Director at Quanstrom Financial, a whole-of-market mortgage broker based in Eastbourne, East Sussex.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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