Moving Home

Porting your mortgage is a process whereby you can retain your current mortgage deal, but apply it to your new property when you move home. Most modern mortgages are portable, but it’s worth bearing in mind that when you choose to port your mortgage, a new application will be carried out. It’s therefore important to consider your current financial circumstances, as applications to port your mortgage will be assessed similarly to your original application, so it’s possible for it to be declined.

Due to the higher house prices involved with upsizing, this option will always be more challenging to port. If your circumstances have improved financially or you have gained significant equity in your current home, it will be much easier to meet the affordability criteria. Remember that it’s possible that you will also undergo additional credit checks when porting, if you choose to borrow more. If it’s necessary to improve your score, it’s advisable to do this ahead of your application.

If you have low, or particularly Negative Equity (owe more than its current value) lenders are unlikely to accept applications to port your mortgage to a similarly priced property or more expensive one. In some circumstances it may be possible to downsize to reduce, but the fees associated with a reduction of more than 10% of your loan should be considered.

Some lenders will allow you to increase your borrowing when you port your mortgage, although this will depend on your ability to meet their criteria, they will need to assess whether you can afford the higher monthly repayments. If this option is not available, they may wish you to take out an additional mortgage for the extra borrowing. This can result in you having two different mortgages with the same lender, each of which could have their own terms.

Every lender is different and this will depend on your circumstances and the make-up of your income. Once you have spoken to us we will conduct an affordability calculation. Lenders generally offer around four to five times your annual income, but some may offer more and the amount you can borrow may also be affected by other factors such as the size of your deposit, the type of product you are looking for.

We will help determine exactly how much you can borrow, affordably.

You must pay Stamp Duty Land Tax (SDLT) if you move home and buy a property over a certain price in England and Northern Ireland. How much you pay depends on the value of the property and the best way to check how much you will need to pay is to go to the Government website to check https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro