Should You Port Your Mortgage or Start Fresh?

Moving home? Should you port your current mortgage or start fresh with a new deal? Learn the pros, cons, and what works best for you.

When moving home, one of the biggest questions is whether to take your current mortgage with you or start a new one. Porting can sound like the easy choice, but is it always the smartest move?

Here’s how to weigh up porting your mortgage against starting fresh so you can make the right call for your situation.

What porting a mortgage means

Porting lets you move your existing mortgage deal to a new property. It can protect a good rate and avoid early repayment charges, but it usually involves a new application and full affordability checks.

When porting works well

If your current rate is very competitive, porting can be attractive. It may also be useful if you are still tied into a deal with high exit fees.

The drawbacks of porting

Lenders may not allow you to borrow more on the same terms, or they may require you to split your borrowing across different products. This can make your mortgage more complex than starting fresh.

Starting fresh with a new mortgage

A new mortgage opens up the whole market. You can compare rates and features without being tied to your current lender’s rules. It may be simpler if your circumstances have changed or you want to borrow more.

Costs to consider

Porting avoids early repayment charges, but arrangement fees and valuation fees may still apply. Starting fresh may involve exit costs, but the savings from a better rate can outweigh them long term.

How to decide what’s right for you

The choice depends on your current deal, your borrowing needs, and your future plans. A broker can compare both options side by side so you know which path saves you more in the long run.

The Bottom Line

Porting your mortgage can work if you are happy with your current deal, but starting fresh often provides more flexibility. The best decision comes from weighing up the costs and benefits of both.

Your home may be repossessed if you do not keep up repayments on your mortgage or other loan secured against it.

• Is porting always the cheaper option?

  Not always. It depends on your current rate, early repayment charges, and what new deals are available.

• Do I need to reapply if I port my mortgage?

  Yes. Lenders usually run a full affordability check, even if you’re an existing customer.

• Can I borrow more if I port my mortgage?

  Sometimes, but additional borrowing may be on a different product, which can complicate things.