Taking your deal with you
Porting means applying to transfer an existing mortgage deal to a different property. It is not automatic: the lender will assess the new home and your circumstances, even if your current mortgage is described as portable.
Home Mover Mortgages
Arrange the mortgage for your next home.
Moving home means working out what happens to your existing mortgage as well as financing the next property. You may be able to take your current deal with you, borrow more alongside it or choose a different mortgage, depending on your lender and circumstances.
We’ll compare suitable arrangements from the lenders available to us, including the repayments and costs of leaving your current deal. Your income, commitments and the new property will still need to meet the lender’s requirements.
Three things to check before you move
Borrowing more
If the next home costs more, you may need extra borrowing. This can have a different rate or deal end date from the amount you port, so look at the combined payments and future review dates.
Choosing a new mortgage
A different deal may suit the move, but compare the whole cost. Early repayment charges on your existing mortgage, new product fees and the cost of the remaining term can outweigh a lower headline rate.
Plan the sale and purchase together
The equity released by your sale is not always the amount available for your next deposit. Your existing mortgage needs to be repaid, and selling costs, legal work, moving costs and any applicable property tax also need to come from your budget. Start with those figures before deciding what you can put towards the next home.
Timing matters too. A purchase may depend on your sale completing, and mortgage offers have conditions and deadlines. Let your adviser and conveyancer know if the chain or completion date changes. If you want to keep the old home and rent it out instead, that needs a separate assessment rather than assuming the existing mortgage can stay as it is.
How mortgage advice works
Talk about your plans
We’ll start with your circumstances and what you need from a mortgage, so we can explore the options available to you.
Compare suitable deals
We’ll compare suitable deals from the lenders available to us and explain the repayments, fees and other costs.
Make your application
If you decide to go ahead, we’ll guide you through your mortgage application and the information your lender needs.
Getting started
Can I move before my current deal ends?
Possibly, but check the terms before committing to a purchase. Porting may be available subject to a new assessment, while repaying the loan could trigger charges. The cost and availability of either route depend on your existing deal and the new borrowing you need.
What if my circumstances have changed?
Tell your adviser about changes to your work, income, regular commitments or credit history. Being an existing borrower does not remove the need for the lender’s checks. A change in the property you are buying can also affect the assessment.
Which figures should I bring?
Your mortgage balance, deal end date and any early repayment charge are useful, alongside an estimated sale price and next purchase price. Include savings you plan to use and an allowance for moving costs. Estimates can start the discussion; a lender will need supporting evidence later.
Your home may be repossessed if you do not keep up repayments on your mortgage.
