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Porting your mortgage rate: what to expect when you move

Looking to move home? You might be able to take your current mortgage rate with you. This is known as ‘porting’. Find out what to expect when porting your mortgage rate with us.

What do we mean by porting a mortgage rate?

Porting a mortgage rate is when you buy a new home and effectively take your rate with you. It could be useful if you have a mortgage rate that you want to keep, as you’ll retain the same rate as your current deal.

You'll still be applying for a new mortgage, but your current rate would apply if you're able to port it. You’ll then pay off your existing mortgage on the old property and take out the new mortgage on your new house with the exact same rate as you had before.

Can I port my rate?

You'll be able to find out if your mortgage rate is portable by checking your documentation. If you have a mortgage with us, you'll find that out in your original Mortgage Offer letter. Contact us if you can't find it.

However, even if your mortgage rate is portable, it doesn't mean you can port it.

You'll be applying for a new mortgage which means your affordability will be assessed again. So, for instance, you may not be able to port your mortgage rate if your circumstances have changed, or your lender's criteria has.

Your porting options

If you want to borrow more

Need to borrow more to fund your move? You may be able to port your existing mortgage rate and ask for additional borrowing at the same time.

This may mean you end up with two parts to your new mortgage. One part on your ported rate and a second part to cover any additional borrowing on a different rate.

If you need the same amount

If you don't need to borrow more, you can apply to port your mortgage rate and, if successful, your rate will stay the same.

If you want to borrow less

Maybe you're downsizing your home or buying a cheaper property to renovate? Whatever the reason, your new mortgage might not be as high.

You can still port your current mortgage rate, but you might have to pay an early repayment charge (ERC) on the difference.

 

Calculate your repayments

Use our mortgage calculator tool to work out what your monthly payments could look like if you move home and decide to port your rate.

Calculate your monthly payments

Should I port my rate or look for a new deal?

While you may be able to port your rate when you move, you might save money by finding a new deal with us instead.

Porting your rate

It's important to remember when porting your rate:

  • If you borrow the same amount, or more, you won’t have to pay an early repayment charge to end your current deal.
  • You can find out if you can port your product rate by checking your mortgage offer letter.

To port your rate, book an appointment with one of our Mortgage and Protection Advisers. Appointments are available via video, in person or over the phone.

Book an appointment

Switching to a new deal

When switching to a new deal, you:

  • might find that our latest offers beat your interest rate if rates have come down since you took out your mortgage
  • need to check if any early repayment charges or exit fees apply to your current deal
  • could switch to a new deal without an early repayment charge, if you’re on one of our lender variable rates.

Switch to a new deal

You could lose your home if you don’t keep up your mortgage repayments

Let’s take a closer look

  • If you're buying a new property and won't be selling your existing one right away, we might still be able to help with a second mortgage. You may be able to port your rate, and your existing mortgage will revert to the appropriate lender variable rate meaning you can repay it without an early repayment charge.

    You may have to pay a higher rate of Stamp Duty but may be able to apply for a refund when you sell your existing house.

  • If you’re selling your home before buying another, you’ll need to repay your current mortgage. This means you’ll have to pay any early repayment charges that apply. But, if you apply for a new mortgage with us soon after, you may still be able to port your rate.

    We may be able to refund your early repayment charges, but this isn’t guaranteed so you should contact us to discuss your circumstances before you sell.

  • Your equity will determine whether you need to borrow more, less or the same as your existing mortgage.

    It all comes down to how much you sell your existing property for, how much you owe on your existing mortgage and how much your new property costs.
     

    For example

    If your house is worth £250,000 and you have an existing mortgage of £115,000 you’d have equity of £135,000. If your new home costs £375,000 you’d need to borrow £240,000 if you use all your equity as a deposit.

    You may be able to port your existing rate to a new mortgage of £115,000 but you’d need an additional £125,000 which would be on a different rate.

  • Yes, you need to pay stamp duty when buying a house even if you're porting your rate. The amount you pay depends on how much your new home costs and where you’re buying.

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