TL;DR
Porting a mortgage transfers your existing rate to a new property, avoiding early repayment charges. However, porting is not a right — it requires a new affordability assessment on the new property, and if you need to borrow more, the additional amount is on a separate product at current rates. Lenders can refuse a port even within the ERC period.
Last reviewed: June 2026 | Sources: FCA
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Mortgage Key Facts: Porting a Mortgage Right to port: no — lender discretionNew affordability check: requiredAdditional borrowing: separate product, current ratesIf port refused: ERC may applyRegulator: FCA |
What porting a mortgage means
Porting means transferring your existing mortgage deal, including the current interest rate, to a new property when you move home. It allows you to keep your existing rate and avoid the ERC that would apply if you exited the mortgage early. However, the mortgage is not automatically transferred — the lender must approve the port on the new property.
The risks most people do not check
Porting is not a guaranteed right. While most mortgages are marketed as portable, this is a feature that requires lender approval, not a contractual entitlement. If the new property fails the lender's criteria (valuation, property type, construction) or your affordability has changed, the lender can refuse the port and the ERC still applies to the exited mortgage.
Additional borrowing is at current rates. If the new property costs more than your existing mortgage balance, the additional borrowing is arranged as a separate product at the lender's current rates. This means you may have two mortgage products at different rates on the same property, which complicates future remortgaging.
Timing gaps can cause problems. The existing mortgage must typically be redeemed and the new one drawn down simultaneously. In practice, this means the property sale and purchase must complete on the same day. Chain delays can create situations where the existing mortgage is redeemed before the new one can be drawn down, potentially triggering ERCs.
The new property must meet lender criteria. Non-standard construction, short leases, properties above commercial premises, or properties in certain locations may not be accepted by your existing lender. If the new property fails these criteria, you will need to redeem the existing mortgage and arrange a new one, incurring ERC.
What to verify before assuming you can port
Contact your existing lender before agreeing to purchase a new property and confirm: that porting is available on your product, what property criteria apply, what the affordability assessment process involves, and what happens if the port is refused. Get written confirmation of portability before exchanging contracts on either property.
Where to complain if a port is wrongly refused
If a lender refuses a port without adequate grounds, or fails to process a port in time causing financial loss, the Financial Ombudsman Service handles mortgage complaints.
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Disclaimer This article is for information only and does not constitute regulated financial advice. Always verify current terms with relevant providers and seek regulated advice for your specific circumstances. Kael Tripton Ltd is an independent editorial publisher and is not regulated by the FCA. |
Frequently asked questions
Can I port my mortgage to a cheaper property?
Yes. If you are downsizing, you can port the mortgage to the new property and use the remaining equity from the sale to partially repay the mortgage. Some lenders allow partial redemption without ERC when porting, but this varies by product.
What happens if my port application is refused?
If the port is refused, you will need to redeem the existing mortgage (incurring the ERC if within the fixed period) and arrange new mortgage finance. Compare the ERC cost against the saving from the existing rate to determine the financial impact.
How long does a port application take?
Most lenders process port applications within two to four weeks, similar to a new mortgage application. Allow sufficient time before the planned completion date, particularly in a chain where timing is constrained.
Can I port to a new-build property?
Some lenders accept ports to new-build properties; others do not. New-builds often have shorter completion windows and construction-specific criteria that may affect portability. Confirm with your lender before proceeding.
Does porting reset my fixed rate period?
No. Porting continues the existing fixed rate for the remaining term of the original deal. If three years remain on a five-year fix at the time of porting, three years remain after porting.
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Sources FCA: MCOB Mortgage Rules |
