Should You Port Your Mortgage or Start Fresh?

Moving home? Should you port your mortgage or take out a new deal? Here’s how to decide which option is best for you.

When you move home, one big question is whether to take your existing mortgage with you (porting) or switch to a brand-new deal. Both options have pros and cons, and the right choice depends on your circumstances.

Here’s how to decide whether porting or starting fresh makes the most sense for you.

What does porting a mortgage mean?

Porting is when you transfer your current mortgage deal to a new property. It keeps your existing interest rate and terms, which can be useful if they’re competitive.

When porting works well

Porting is often attractive if you’re on a low fixed rate that you don’t want to lose. It can also save you from paying early repayment charges, depending on your lender’s rules.

The downsides of porting

Porting isn’t always straightforward. Lenders still reassess your affordability, and you may need to borrow extra at a different rate. Some lenders also make the process more complex than simply applying for a new mortgage.

When starting fresh makes sense

If rates have dropped since you locked in, or if your financial situation has changed, a new deal could be better. It may also be simpler if your current lender’s porting criteria are restrictive.

Key questions to ask yourself

• Is my current rate competitive compared to today’s deals?
• Will I face early repayment charges if I don’t port?
• Do I need to borrow more, and how will that be treated?
• Am I happy with my current lender’s service?

Answering these will help guide your decision.

The Bottom Line

Both porting and starting fresh can work, but the right choice depends on your situation. Reviewing your options with a broker ensures you don’t miss out on a better deal or get caught by unexpected costs.

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

• Is it always better to port your mortgage?

  Not always. It depends on your current rate, lender’s rules, and whether new deals are more competitive.

• Do I still need to go through affordability checks when porting?

  Yes. Even when porting, lenders reassess your income and outgoings.

• Can I part-port and part-new mortgage?

  Yes, if you need to borrow more, you may port your existing deal and take the extra borrowing on a new rate.