If you want to leave your mortgage deal early, porting can also help you avoid the exit fees you might have to pay.

Some people port their mortgage to avoid the hassle of applying with a new lender. But don’t assume that just because it’s the same lender, your port is a done deal. You’ll need a new offer letter, so there’s still a process to go through. Your lender will give you another credit check, look at your income, and get a valuation of the property you want to buy.

If your credit rating has changed since your original offer (eg you’ve missed a couple of mortgage payments) it might reduce the chance of getting your port signed off.

Should you remortgage instead?

Instead of porting, some people might find that getting a new mortgage makes more financial sense. 

Remortgaging when you move works by paying off your existing mortgage with the money you get when you sell your home, and then getting a new mortgage for your new home. 

However: If you end your current mortgage deal before it’s over (for instance, you’re in the middle of a 5-year fixed deal) and your mortgage has an early repayment charge, you’ll end up paying a big penalty. 

Check if your current deal has an exit fee. Some mortgages don’t have them, like Habito One.

Can I increase my mortgage when I port?

You can ask your lender, but they don’t have to say yes. They might insist you take out an additional top-up mortgage instead, with a different interest rate to cover the extra borrowing.

Can I decrease my mortgage when I port?

If you want to port your mortgage but borrow less than what you currently owe (because you’re downsizing, say) you’ll need to repay the difference to your lender. Most lenders let you reduce your mortgage by up to 10% for free, then after that they charge you a fee. Your broker can help you find the best approach.

How do I know if porting is right for me?

Contact your lender and double check the date your mortgage deal is ending. If it’s ending in the next couple of months, it might make sense to just apply to a new lender. (That’s because the legal work involved with moving house can take some time.) If you’re not sure what to do, you can always ask your mortgage broker.