What is a...

Portable Mortgage

A Portable Mortgage is a mortgage that can be transferred from your current house to a new one when you move (this process is known as Porting). You’ll stay with the same lender at your current rate and then carry on payments just as you have in the past.

Will my mortgage lender let me port?

Potentially. Not all lenders offer this as an option, but it should be written on your original offer letter if you’re able to do it.

What happens if I’m porting my mortgage to a cheaper house?

It will differ from policy to policy, but it’s common for early repayment charges to arise if you end up borrowing less money than you owe on your current property.

Can you move your mortgage to another bank?

Transferring your mortgage from one lender to another is a little more difficult than porting and it’s unlikely you’ll be able to get exactly the same deal you’re on at the moment if you do switch.

Will porting my mortgage affect my Credit Report?

Provided all the information relating to the mortgage stays the same, how it appears on your Credit Report should not change. To see how your mortgage appears on your Credit Report, with data from Equifax, Experian and TransUnion, you can try checkmyfile free for 30 days, then for just £14.99 a month afterwards, which you can cancel online at any time.

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