0161 451 0136

0161 451 0136

Latest News

What Happens To Your Existing Mortgage When You Move House?

If you’re already paying a mortgage but are looking to move house, whether you’re upsizing for a growing family or downsizing as your children move out, you may be wondering what is going to happen to your mortgage. After years of paying your mortgage, it’s a difficult decision to move house if you think you’ll lose all the financial investment you’ve paid for over the years. If you’d like advice on what you should do and analyse when you’re looking to move house, take a look at our guide below. 

terraced housing

What does ‘porting a mortgage’ mean?

Porting a mortgage means taking the same mortgage deal you agreed on for your current property, and applying it to your new one. You’ll keep the same lender, interest rate, loan amount and rules and just like a new mortgage application, porting usually takes a couple of weeks. 

Some people port their mortgage in order to avoid any exits fees they may occur when trying to leave their mortgage deal early. Some people also port their mortgage in order to avoid the hassle of finding a new lender, mortgage deal and interest rate, as this is often a tiresome process and many want to avoid this at all costs – especially if they already have a good deal. 

Unfortunately, porting a mortgage isn’t an option for everyone as there are some limitations:

  • If your credit score has dropped in recent years (for example, if you’ve missed a few mortgage payments), you might not be allowed to port your mortgage.
  • If you’re moving to a more expensive property, your original lender might not want to loan you more money, so you’d have to find a new mortgage deal with a different lender.
  • If you’re moving to a smaller property, you’ll need to repay the outstanding amount back to your lender and this could result in having to pay an early repayment charge on the portion repaid (this might make it more financially savvy to remortgage your home instead)

Should I remortgage instead?

Instead of porting, some people might find applying with a new lender saves you more money. This completely depends on your personal financial circumstances – the mortgage process isn’t ‘one size fits all’ unfortunately!

If you end your current mortgage while you’re still in the introductory period you agreed with your lender, they may ask for an early exit fee. If those fees cost more than what you’d save with a new lender, it might be better to stay put until your introductory period is over, and you can change without incurring expensive fees. 

The biggest benefit of remortgaging your house is that you’ll be able to get yourself a better deal than the one you have already. The financial market is notorious for its changing state so if you found a good deal on your mortgage years ago, you might be able to get a better one now. Remortgaging might give you the ability to borrow at a lower interest rate, the option of utilising your home’s equity for additional cash, and the flexibility to combine all your debts into a single, affordable monthly payment.

We highly recommend using a broker as they can help you decide what works best for you.


Here at Rylands Removals, our team are dedicated to delivering a stress-free service for all of our customers. We take the utmost care when transporting your belongings, tailoring our services to your personal specifications and requirements. To book in removals, domestic relocation or storage, or to enquire about the packing materials we sell, get in touch with us today – we’re always happy to help.