Porting vs remortgaging when you move

When you move house, you do not automatically need a new mortgage. You may be able to port your existing deal to the new property. But porting is not always the right move - and it is not always possible.

Here is how to decide between porting and remortgaging when you move.

What porting means

Porting lets you take your current mortgage - the rate, the term, the conditions - to a new property. The big advantage: you usually avoid early repayment charges (ERCs), which can be 1% to 5% of the loan. On a £300,000 mortgage, that is £3,000 to £15,000 saved.

The catch: top-ups and blending

If you are borrowing more (most people are, when they move up), the extra borrowing is at your lender's current rates, not your existing rate. You end up with a blended rate - part at your old (cheaper) rate, part at the new (higher) rate. We calculate whether that blend actually beats a fresh deal elsewhere.

When porting wins

Porting usually wins when your existing rate is significantly below current market rates, and the ERC on leaving would be large. If you fixed at 2% in 2021 and current fixes are 4.5%, porting - even with a blended top-up - is almost always cheaper than switching.

When remortgaging wins

Remortgaging wins when your existing rate is close to or above current market rates, there is no ERC (or it is small), and a new lender offers a meaningfully cheaper deal. It also wins when you need a bigger loan than your current lender will allow.

The other factor: timing

Porting requires your lender to approve the new property and the new loan amount, often while you are in a chain. If dates slip, porting can fall through. A fresh remortgage gives you more control over timing but adds valuation and legal fees.

What we do

We run both numbers - porting vs remortgaging - including ERCs, fees, and the blended rate - and show you the total cost over the deal period. Then we let the maths decide. No bias toward either route; just the cheaper option for you.