‘Porting’ a mortgage is becoming more common these days. Porting simply means that the homeowner takes their mortgage product with their existing mortgage lender with them when they move home, rather than choosing a new rate and/or lender

Usually borrowers “port” their mortgages when they have a big exit fee to pay if they were to repay the product early.

With most Equity Release mortgages it’s likely that the loan is increasing in size as interest on money you have borrowed on the mortgage accrues. However, this doesn’t mean that you can’t port your mortgage to another, perhaps smaller, property. What is critical is that there is enough equity in the new property to still cover the debt in order for you to meet your existing lender’s criteria. If there isn't enough - your lender may ask you to repay part of the loan

The new property also must meet current lending criteria. If a property is unusual or might be harder to sell when you and your partner die, this may cause an issue. Sometimes specialist retirement homes and sheltered living accommodation can be viewed as outside some lenders’ remits.

The best way to learn about Equity Release and associated issues is to speak with Mortgage Required. We are members of the Equity Release Council and as such we offer you the best independent advice and certain safeguards such as a ‘no negative equity guarantee’. For more information, call us.

Contact Mortgage Required to speak to an Equity Release adviser on 01628 507477.

Related articles:

Download our Free First Time Buyers Guide

Recent posts

The Renters’ Rights Bill represents a significant milestone designed to enhance the rights and protections of tenants in the rental market. This comprehensive bill aims to foster a more balanced and fair rental sector, ensuring that tenants can enjoy greater security and equitable treatment. It is likely to become law in late 2025.

Owning a buy-to-let property in your sole name versus through a limited company each has its own set of advantages and disadvantages.

Data from Rightmove shows that Sunbury-on-Thames in Surrey was the number one house price hotspot in 2024. The prices in this area climbed an impressive 12.5% - increasing from an average price of £527,005 in 2023 to £592,926 in 2024.

On the 31st October 2024 stamp duty for those purchasing additional properties increased by 2% from 3% to 5%.

From 1st April 2025 the threshold will be reducing from £250,000 to £125,000

Research from Metro shows that those who chose to move home didn’t actually move that far away. With a 430g pack of chicken costing on average almost double in London than the rest of the UK, it's no wonder some people are choosing a change of scenery to save a few pennies.

Following recent changes in the Buy to Let market, some investors may find this product less appealing. However, if done correctly, building a buy to let portfolio can be very profitable.

Helping you understand the upcoming changes in stamp duty (SDLT) from April 2025.

UK homebuyers and homeowners are hoping for stability in 2025. 
We are hoping that mortgage rates will ease this year, but how drastically depends on inflation trends, swap rates, and the Bank of England’s decisions in which way the base rate should go.