If you plan to move home and have a mortgage on your existing property, you may be unsure whether you can take your current mortgage with you.

Lots of mortgages are portable, which enables you to move them across to a different property, but you should weight up the positives and negatives before you do so. 

What does ‘porting your mortgage’ mean?

Porting a mortgage details the process of taking your current mortgage rate with you to a new property.

Typical circumstances for porting your mortgage can include when you are moving to a new home and borrowing more before the term of your current deal ends. 

What are the benefits of porting my mortgage to a new property?

If you are on a good deal and have an early repayment charge for leaving your current mortgage, it can make sound financial sense to continue with the same deal. 

Some lenders can charge thousands of pounds in penalties if you redeem a mortgage early, so do make sure you find out how much you might have to pay if you were to switch to a different deal as opposed to transferring. 

What if my lender refuses to let me move my mortgage to a new property?

If your application to transfer your mortgage to a new property is declined, then you must consider whether it is worth paying the early repayment charges on your existing mortgage to move to a different lender.