New home. Same mortgage.

Many mortgages are 'portable'. This means you may be able to transfer your current mortgage to a stunning new Gleeson home.

With interest rates currently high, if you currently have a very competitive mortgage rate, you can take that rate with you and buy a new home.


New home. Same mortgage.

What is mortgage porting and how does it work?

Porting your mortgage is when you transfer your existing mortgage deal to a different property. Technically speaking, your existing mortgage will be paid off with the proceeds when you sell your current house, but you’d be moving to a new home with the same lender, rates and terms. The amount you borrow doesn’t have to be the same – it could be more or less than before. If you are borrowing more, the extra money on top of your current borrowed amount, may be subject to a top up rate.

When you sell your old home and look to port your mortgage to a new one, you’d basically be re-applying for your original deal. The main considerations for the lender will be whether you can still afford the mortgage and whether their position is likely to change in terms of risk.

For example, if the value of the property is different and the loan to value (LTV) ratio increases, there is more risk involved and they might think twice about re-approving you for the same deal.

Why port your mortgage?

The main reason people port their mortgage is because they think they’re on the best interest rate possible and don’t want to give it up. Others might feel that the terms and conditions of their existing agreement are the perfect fit for their needs. In other words, they want consistency.

Another advantage of porting a mortgage is that there are no early repayment charges (ERCs) to foot if you’re locked into a fixed-rate deal. The process can also be quicker than applying for a mortgage from scratch, but only if your circumstances haven’t changed since entering the deal.

Meridian Mortgages our recommended new build mortgage specialist can help you with porting your mortgage to a Gleeson home and your Sales Executive will be able to advise you further on the buying process.

The ability to port your current mortgage will be subject to the original terms and conditions of your mortgage offer and individual circumstances. The ability to port your mortgage may vary and we recommend you speak an independent specialist mortgage advisor to review your circumstances.

Think porting your mortgage could be for you?