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Porting your mortgage
Find out how porting a mortgage works and learn what to expect from the process.
Your mortgage porting options
The mortgage porting process could vary depending on how much of your current mortgage deal you want to port:
Porting and borrowing more
If your current mortgage doesn’t cover the cost of your new home, you might want to apply for additional borrowing, sometimes known as ‘topping up’ your mortgage. This extra borrowing will have its own interest rate.
Porting and borrowing less
Looking to port your mortgage to a cheaper property? You might be able to port your current deal on the smaller amount and pay off the difference. You may also have to pay an early repayment charge.
Porting and not borrowing more
This might work if the amount you need to borrow on your new home is the same as your existing mortgage balance. Your deal won’t change as the balance stays the same.
Porting option examples
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Example
- You’re selling your home for £250,000.
- Your current mortgage balance is £175,000. This means you have £75,000 equity in your home.
- The property you want to buy costs £375,000.
- You can put down the £75,000 equity from your property sale, and port the existing £175,000 mortgage.
- You’ll then have to borrow an extra £125,000 on a new deal.
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Example
- You’re selling your home for £250,000.
- Your current mortgage balance is £175,000. This means you have £75,000 equity in your home.
- The property you want to buy costs £200,000.
- You can put down the £75,000 equity from your property sale, and port £125,000 of your existing mortgage.
- You’ll then have to pay back £50,000 from your existing mortgage – plus any early repayment charges.
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Example
- You’re selling your home for £250,000.
- Your current mortgage balance is £175,000. This means you have £75,000 equity in your home.
- The property you want to buy costs £225,000 but you want to keep £25,000 for home improvements.
- You can put down £50,000 equity from your property sale, keeping the £25,000 for home improvements, and port your existing £175,000 mortgage.
Things to consider when porting a mortgage
Pros
- You could keep the same interest rate as your current deal.
- Your monthly payments could stay the same if you’re aren’t borrowing more, so it might not affect your budget.
- You might avoid early repayment charges if you port the full mortgage amount.
Cons
- Your current interest rate might no longer be the best deal.
- You might have to pay extra fees, such as early repayment charges.
- The new loan may not meet the criteria of some lenders.
Existing Lloyds mortgage customers
If you’re an existing mortgage customer, you can find mortgage payment information on our manage your mortgage page.
How to port a mortgage
The process for porting is similar to applying for a new mortgage or switching deals. You’ll still need to complete a mortgage application form.
1. Check your current mortgage offer
First, you’ll need to dig out your original offer letter to check if your mortgage is portable.
2. Reassess your circumstances
Your lender will have their own qualifying criteria for your new deal.
3. Apply for new borrowing
Fill out the application form with details of your new home and how much you’re paying for it.
4. Wait for the property valuation
Your lender will check that the house is worth the amount you’re asking to borrow.
5. Your application will be reviewed
Your lender will review your application and let you know if you can move your mortgage deal.
Looking to port your mortgage?
Mortgage Calculator
Use our mortgage calculator to see what your repayments could look like if you port your rate.
Porting your rate
Book an appointment with one of our mortgage & protection advisers to chat about porting. Appointments are available by video, in person or over the phone.
Switch your deal
It’s worth checking whether switching to a new deal is a better option than porting. Early repayment charges may apply.
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Remortgage calculator
Use the calculator to see if you could save by moving your mortgage to Lloyds.
