New home. Same mortgage.

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

With interest rates being higher than what we’ve been historically used to, if you currently have a very competitive mortgage rate, you might be able to 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.

The extra money that you would need to borrow would usually be put on a different deal, with a different rate. This gives you (at least) two ‘parts’ to your mortgage. It is worth noting that the additional borrowing part may cost more, as your LTV is likely to be higher in this instance.

When you sell your old home and look to port your mortgage to a new one, you will basically be re-applying for your original mortgage 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.

Porting is a great flexible feature but there are no guarantees your lender will permit you to do it. Therefore, we recommend you check your original mortgage offer to make sure the deal you have is ‘portable’.

Why port your mortgage?

The main reason people port their mortgage is to remain on the best interest rate possible, avoiding a significant increase in your monthly repayments. 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 and MAB, 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. Or, you can choose to speak to your own independent mortgage specialist throughout the 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 to an independent specialist mortgage advisor to review your circumstances.