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Porting your mortgage

Find out if you can - and should - take your mortgage with you

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Lesley | Edited by Johanna

Updated November 2017

Mortgage tips

If you're moving home you face the dilemma of whether to take your existing mortgage with you or get a brand new deal, but the choice may not always be in your hands.

This guide explains the process of porting a mortgage, whether you're likely to be able to do it and if it's the right option for you.

How does porting your mortgage work?

Moving house

Many mortgages are 'portable' which means you may be able to transfer your current mortgage product to a new property.

Even if your mortgage is portable in theory, you may still be blocked as...

If I can't port my mortgage, can I switch to a new loan?

You can leave your existing home loan but you'll potentially face huge fines running into thousands of pounds if you do. If you can't afford them, the reality is you face being stuck in your current home. Here are the fees to consider:

  • An early repayment charge. If you're still within your introductory offer period (eg, a two-year fix) you will almost certainly have early repayment charges to pay. These are usually 1%-5% of the outstanding debt depending on how long you have left of your intro deal.

    On £200,000, that is between £2,000 and £10,000. If your introductory deal is over, there are unlikely to be any early repayment charges but do check.

  • An exit fee. When you pay off almost every mortgage (including when you switch to a new lender - as the new provider pays off the debt on the old deal) you also pay an exit fee, which is usually a few hundred pounds. It might be called a deeds release fee or a final fee and you may have already paid it upfront when you took out the mortgage, so do check.

  • Charges for a new home loan. Once you've exited your old deal, you'll need to pay an arrangement fee and valuation fee for your new mortgage, so make sure you factor these in too.

I can port my loan but other deals look cheaper. What should I do?

The key to this will be to look at the maths, and see if it adds up for you. Many borrowers will find that even though they can port their mortgage, the rates on offer won't be that attractive. If that's the case, it'll be worth seeing if it makes financial sense to pay the penalty for leaving your existing home loan and taking out a brand new mortgage elsewhere.

  • How long do you have left on your current deal? This affects the fees you'll pay.

    If you have a few years left on a cheap deal, you are more likely to want to stick with your current mortgage than, say, if you only have a few months to go. This is because the earlier you leave a deal, the heftier the fees. Of course, if you've a long time left on a particularly pricey deal then, even with the fees to switch early, it may be wise to leave - do the maths first.

    To find the cheapest option, you need to work out the cost of keeping your current deal and compare it to the cost of ditching and taking a new deal. Make sure you've included the cost of any fees for exiting your current deal and starting a new one - including arrangement fees - in your calculations.

  • Quick Question

    What fees can I expect to pay?

    What if I need to borrow more?

To help decide which new mortgage is best for you, see our Cheap Mortgage Finding article to benchmark a good rate for comparison. The use the 'Should I ditch my fix?' calculator to determine if it's worth ditching the deal for a new one.

If you're not 100% sure what the right thing to do is, speak to a mortgage broker for guidance.

I've made my mind up. What happens next?

Whichever option you choose, you will need to go through a new application. That means you'll have to pass the following tests, just like you would on any mortgage deal (see Cheap Mortgage Finding for full info):

Find the best buy mortgages

If you're ready to get a mortgage, tell our Mortgage Best Buys tool what you want, and it'll speedily find the top deals for you.

Ready to remortgage?

If you want to change mortgage, this free guide has tips on when you should & shouldn’t remortgage and how to grab top deals.

Ready to get a mortgage?

Want to get on that first rung? Our free guide helps you find the cheapest mortgage and boost your chances of getting accepted.

Disaster! I can't get a new mortgage and I can't move my existing deal

A report by the FCA published in May 2018 showed that around 30,000 are trapped in their current mortgage deal. If this is you, then you are what is known as a 'mortgage prisoner', and you have to accept the fact you cannot move home just yet.

See our Boost Mortgage Chances guide to help you get back on your feet as quickly as possible.

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