Porting - Moving your mortgage to a new property

Looking to move house but don't want to lose the great rate you have on your current mortgage?

Welcome to the magic of porting your mortgage and transferring your rate: If you're considering a move and currently have a mortgage, you might be wondering what to do with your existing home loan. This is where porting and further advances (additional borrowing) come into play.

These options can offer significant advantages and financial flexibility during a transition from your current home to a new home, especially if your existing mortgage is on a much cheaper deal.

Porting Explained: Porting allows you (subject to the underwriting) to pick up your existing mortgage, including its terms and interest rate, and apply it to your next home.

This can be a particularly beneficial option if you've secured a favorable mortgage rate that you want to keep. By porting, you can avoid breaking your existing mortgage contract and potentially avoid facing early repayment charges.

Benefits of Mortgage Porting:

Rate Lock-In: The most significant advantage of mortgage porting is the ability to keep your current interest rate. In a turbulent rate environment, this could translate into substantial savings over the life of your mortgage.

Cost Savings: Porting could help you avoid penalties compared to settling up your existing mortgage whilst you're locked in to a deal potentially saving vital funds during a move.

Not sure if you can port your mortgage? Speak to us, we might be able to help.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP TO DATE WITH YOUR MORTGAGE REPAYMENTS. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances See less