Moving home? You have two main options — port your existing mortgage to the new property, or take out a brand new mortgage. Darryl compares both, including any early repayment charges, and advises on whichever genuinely works out cheaper for your situation.
Porting means moving your existing mortgage to your new property. This can avoid early repayment charges — but it's not always the best option. Darryl compares the cost of porting versus taking a new mortgage, including any ERCs, and advises on the most cost-effective approach.
Don't assume porting is automatically the right move — sometimes paying an early repayment charge and switching to a much better rate saves more money in the long run. We run the numbers so you don't have to.
Port your mortgage — keep your existing deal and rate. New mortgage — access potentially better rates on the market. Additional borrowing — top up your mortgage if you're moving to a more expensive property. Early repayment — Darryl checks your ERC before recommending any option, so you know the real cost either way.
If your credit has been damaged since you took out your current mortgage, moving home is not automatic. Porting still involves the lender assessing you again for affordability and credit, and the new property has to meet their lending criteria. If your credit problems are recent, a lender may refuse to port, which can leave you with an early repayment charge and a need for a specialist lender.
Related: bad credit remortgage, mortgage with defaults and a free assessment.
It depends on your situation. Porting means moving your existing mortgage to your new property and can avoid early repayment charges, but it isn't always the cheapest option — Darryl compares the cost of porting versus taking a new mortgage, including any ERCs, before recommending a route.
Not necessarily — sometimes paying an early repayment charge and switching to a much better rate saves more money in the long run. Darryl runs the numbers on both scenarios rather than assuming porting is automatically right.
Additional borrowing can top up your existing mortgage arrangement when moving to a higher-value property. Darryl checks your ERC and compares this against a full remortgage before recommending an option.
Four main options: porting your mortgage to keep your existing deal and rate, taking a new mortgage to access potentially better rates, additional borrowing to top up your mortgage, or accepting an early repayment charge where switching genuinely works out cheaper.
Not always. Porting requires the lender to approve you again, so recent missed payments, defaults or a CCJ can lead to a refusal. If that happens, a specialist lender may be needed, and your existing early repayment charge may apply.
If your current deal is still in its fixed or tracker period, there may be. Porting the deal can avoid it. Check your mortgage offer or ask your lender for the exact figure before deciding.
A lot of people in this exact situation never even enquire — they assume the answer is already no. Check your Geezer Score first: completely private, no commitment, and no one to talk to until you're ready.
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Lender criteria, rates and deposit requirements quoted on this page are indicative and subject to change without notice. Individual circumstances vary. This page provides general information only and does not constitute regulated financial advice. The Mortgage Geezer is a trading style of Access Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 301173. Registered in England No. 04427489. Registered office address Access Financial Services Ltd, Unit 1 Furtho Court, Towcester Road, Old Stratford, Milton Keynes, MK19 6AN. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.