Porting a mortgage rate 

If you’re moving home but happy with your current lender and rate, it might be a good option for you to port your mortgage rate. Learn more about the porting process and whether it's right for you.

Key takeaways

  • Porting your mortgage rate involves moving your current mortgage rate onto your new mortgage on your new property and staying with the same lender. 
  • Porting means you keep your existing interest rate on some or all of your new mortgage.
  • Porting isn't guaranteed and you will still need to apply for a new mortgage for your new home. We will look at affordability, the property and how much you want to borrow before deciding if you can keep your current deal.

In this guide

What does porting a mortgage rate mean?

Can I port my Lloyds mortgage rate?

Your porting options

Porting examples

Is it a good idea to port your mortgage rate?

How to port a mortgage rate

Frequently asked questions

What does porting a mortgage mean?

Porting a mortgage means transferring your existing mortgage deal to a new property when you move home. You'll pay off your current mortgage and take out a new one with the same lender on the new property, keeping your interest rate.

This can help you avoid early repayment charges or keep a lower rate. But you’ll still need to do affordability checks and meet your lender's criteria.

Can I port my Lloyds mortgage rate?

You might be able to port your Lloyds mortgage rate to a new property. You can find out by checking your original mortgage offer letter or call us if you can’t find your documents. This will include details on whether your mortgage rate is portable.

We’ll still need to do some affordability checks to make sure you can afford the mortgage. We will also need to do a valuation of the new property.

If your financial situation has changed, you might not be able to port the mortgage rate. We'll assess your application based on your current circumstances and lending criteria at the time. Depending on the outcome, you may be offered a different loan amount and there might be early repayment charges. This could affect the type of property you can buy or whether you're able to move forward with your plans.

Your mortgage porting options

Port and borrow more

If your new home is more expensive you might need to apply for additional borrowing on your new mortgage. This is sometimes known as ‘topping up’ your mortgage. If you port your existing mortgage rate then any extra borrowing will have its own interest rate and you will have a mortgage that is split into 2 parts.

If you’re porting a mortgage rate, you won’t have to pay an early repayment charge.

Port and borrow less

If your new home is a cheaper property, you may want to reduce your borrowing. You might be able to port your current deal on the smaller amount and pay off the difference using the equity in your home.

Keep in mind that you may also have to pay an early repayment charge.

Port for the same amount

This might be an option if the amount you need to borrow on your new home is the same as your existing mortgage balance. Some lenders may call this option ‘like-for-like porting’. If you port your rate your deal won’t change as the balance stays the same.

You won’t have to pay an early repayment charge. 

Porting examples

Example of porting and borrowing more

  • 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 £75,000 equity from your property sale as a deposit and then apply for a £300,000 mortgage.
  • You’ll be able to port your existing rate onto £175,000 of your new mortgage and take the extra £125,000 on a new deal.
  • You won’t have to pay an early repayment charge.

Remember to think about any fees such as stamp duty, solicitor fees, estate agent fees and valuation fees when considering how much deposit you want to put down.

Example of porting and borrowing less

  • 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 £75,000 equity from your property sale as a deposit and then apply for a £125,000 mortgage.
  • You’ll be able to port your existing rate onto your new £125,000 mortgage but you’ll have to pay early repayment charges on the £50,000 you are reducing your mortgage by.

Remember to think about any fees such as stamp duty, solicitor fees, estate agent fees and valuation fees when considering how much deposit you want to put down.

Example of porting for the same amount

  • 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.
  • You want to keep £25,000 of your sale proceeds for home improvements, so you will put down £50,000 equity from your property sale as a deposit and apply for a £175,000 mortgage.
  • You’ll be able to port your existing rate onto your new £175,000 mortgage.
  • You won’t have to pay an early repayment charge.

Remember to think about any fees such as stamp duty, solicitor fees, estate agent fees and valuation fees when considering how much deposit you want to put down.

Porting and early repayment charges

An early repayment charge may apply if:

  • you only port part of your mortgage rate
  • there is a gap between repaying your current mortgage and completing on your new mortgage.

If your existing mortgage is repaid and your new mortgage does not complete as planned, you may no longer be able to keep your existing rate and may need to choose a new product from the current rates at that time.

We’ll explain how early repayment charges work and whether they apply to you before you move.

  • If you’re selling your home before buying another, you’ll need to repay your current mortgage. This means you’ll have to pay any early repayment charges that apply. But, if you apply for a new mortgage with us soon after, you may still be able to port your rate.

    We may be able to refund your early repayment charges, but this isn’t guaranteed so you should call us to discuss your circumstances before you sell.

Is it a good idea to port your mortgage rate?​

Pros

  • You could keep the same interest rate as your current deal.
  • Your monthly payments could stay the same if you aren’t borrowing more, so it might not affect your budget.
  • You might avoid early repayment charges if you’re borrowing the same amount or more and port your existing mortgage rate.

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.

How to port your mortgage rate

The process for porting is similar to applying for a new mortgage or switching deals. You’ll still need to complete a mortgage application.

1. Check your current mortgage offer

First, you’ll need to find your original offer letter to check if your mortgage rate is portable. You can call us if you can’t find your documents. 

2. Apply for an agreement in principle (AIP)

Before deciding if you want to port your rate you'll need to make a mortgage application, so you'll need to apply for an AIP to get started. It should take about 10 minutes to apply for one online – this won’t affect your credit score. 

3. Call us to chat through your porting options

You can book a mortgage appointment with 1 of our mortgage and protection advisers to discuss porting your rate. You can have appointments by video or over the phone. You can also call us to get started right away.

4. Complete your full application

Once complete, we’ll review your application and arrange a valuation to check the property value is right. We’ll then let you know if you can port your mortgage deal. 

Looking to port your mortgage rate

Porting your rate

Book an appointment with 1 of our mortgage and protection advisers to chat about porting. You can have appointments by video or over the phone.

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You could lose your home if you don’t keep up your mortgage repayments

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Switch your deal

It’s worth comparing porting with switching to a new deal to understand which option may suit your circumstances. Early repayment charges may apply.

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Moving house costs

Learn about the costs associated with moving home.

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Get in touch

You can call us or book a video mortgage appointment from the comfort of your own home. 

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Moving house

Thinking about moving house? Find out more about what you’ll need to do, what you’ll pay for and get a refresher on all things mortgages.

Moving home help

Moving house

Thinking about moving house? Find out more about what you’ll need to do, what you’ll pay for and get a refresher on all things mortgages.

Moving home help