Why can't I port my mortgage?

Some mortgage deals are not portable from the start. In other cases, your lender may choose to decline your request to port your mortgage when purchasing a new home. Your lender can decline applications for moving a mortgage because of the following factors: Changes in your financial position. When you apply to transfer your mortgage to another property, your lender will undergo a new affordability & credit check. If there have been any changes to your income / expenditure or your credit score is lower than when you started the deal, your lender may not accept your application. The new house is not suitable for your lender. When you apply to port a mortgage, your lender will undergo a valuation of the new property. If they have any concerns with the property they may not offer a new mortgage.

Can you port a mortgage without selling?

You may want to keep your current home and rent it out. In this situation, it may be possible to port your existing mortgage to your next home. However, you will need to repay the mortgage on your current property, and this could be achieved with the support of a ‘Let to Buy Re-Mortgage’.

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Moving home can be a stressful time and one consideration may be to maintain your existing mortgage, known as ‘porting’. However, this isn't as simple as it seems and may not be the best option for you. Our friendly team of advisors are here to provide guidance and assistance every step of the way.

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Advice For Home Movers And Portable Mortgages

Moving home shouldn’t have to be a painful process. Porting allows you to transfer an existing mortgage to your new home and, in most cases, is a very simple process.

However, this isn’t always the best option, so it is important to seek advice. There is no guarantee that your current lender will support you with your new mortgage requirement, perhaps you need to borrow a little more and they cannot assist with this.

Communication is paramount and it is crucial that you fully understand all your options and the associated costs from the outset. Our team of mortgage experts will ensure that you fully understand things and that you make a more informed decision having considered all options available to you.

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Moving your mortgage to a new property? We can help.

Guidance & Support

We are more than aware of the obstacles involved with moving your mortgage.

If you want clarity around costs, need support in communicating with your lender, or do not want to spend too much time comparing deals, our professional mortgage experts are equipped to help you.

When looking for advice, you want people you can trust. We have been supporting home movers since 2001 and we will quickly determine the best mortgage solution for your next home.

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If you are wondering whether your existing mortgage or a new mortgage is a better option, we will guide you all the way.

Effective communication with lenders can increase the probability of a successful outcome.

Our team actively works between you and the lender, we will keep you informed every step of the way and, more importantly, provide you with one point of contact throughout the process.

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Frequently Asked Questions (FAQ's)

Some mortgage deals are not portable from the start. In other cases, your lender may choose to decline your request to port your mortgage when purchasing a new home. Your lender can decline applications for moving a mortgage because of the following factors:

Changes in your financial position. When you apply to transfer your mortgage to another property, your lender will undergo a new affordability & credit check. If there have been any changes to your income / expenditure or your credit score is lower than when you started the deal, your lender may not accept your application.
The new house is not suitable for your lender. When you apply to port a mortgage, your lender will undergo a valuation of the new property. If they have any concerns with the property they may not offer a new mortgage.

Yes, subject to status and a new affordability check, you may be able to port your mortgage and borrow more with your current lender.

The additional loan will, however, be a new loan contract and there is a strong chance that it will end at a different date to your existing loan – this can then make things somewhat complicated in the future.

You may have to pay an additional fee for taking out a higher mortgage or enter another mortgage deal at a different interest rate.

To ensure porting is the best solution for you our team will evaluate other mortgage deals that may cover your entire mortgage at lower rates.

We will provide insightful advice on whether you should stay with your current deal or enter a new agreement with another lender.

Need help moving your mortgage? Contact us today for a free consultation

Simply fill in the form and one of our friendly advisers will be in touch to arrange your free consultation. We look forward to helping you.