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Porting your mortgage
Existing Lloyds mortgage customers
If you’re an existing mortgage customer, you can find mortgage payment information on our manage your mortgage page.
How does mortgage porting work?
It’s like applying for a new mortgage. You need to send a mortgage application form.
The lender will have qualifying criteria for your current deal. If this has changed since you arranged your mortgage, you may not be able to transfer it.
Things to consider when porting a mortgage
Pros
- Your new loan could have the same interest rate as your current deal.
- Your monthly payments could stay the same so there’s no impact on your budgeting.
- You may avoid paying early repayment charges. Check your mortgage offer or contact your lender to see if this is so.
Cons
- Changes in your income or regular outgoings will impact your mortgage application.
- Your current interest rate may no longer be the best deal.
- Extra fees such as admin charges may apply.
- Some lenders don’t allow for extra borrowing if you need a bigger mortgage.
What if you can’t port your mortgage?
If your application to port your mortgage is declined, there are still some options you can consider.
Remortgage
Remortgaging is another option. This is when you move to another lender.
Check the interest rates and consider any early repayment charges or charges for your new mortgage deal before deciding.
Stay where you are
If you can’t port your mortgage and are going to be charged an early repayment fee, you may be better off staying put. The less time you have left on your current deal, the lower your exit fees and extra charges should be.
Waiting until you are nearer the end of your mortgage deal it may be cheaper to move.
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Remortgage calculator
See our latest remortgage deals and interest rates.
