Transferring Your Mortgage to a New Home

Porting is when you take your existing mortgage product with you when you move and transfer it to your new property without having to pay the full, or any of your Early Repayment Charge. Most of our mortgages are portable, so you may find that transferring your current mortgage is the most straightforward option for you when buying your new home.

To help you to decide whether this is the right route for you, below we'll explain what happens when porting your mortgage, as well as how to find out whether it's possible for you to transfer your mortgage and how to apply to do so.

What happens when a mortgage is ported?

When you port your mortgage to a new property, it is transferred from the property that it was originally borrowed against onto your new home. All of the terms and conditions of the mortgage, including the early repayment charge, are also transferred over until the original mortgage deal comes to an end.

It's important to understand that only your current loan is portable. Porting your existing Newcastle Building Society mortgage may be very simple when buying a property that is of the same or a lower value than your current one as you won't need to borrow more money, so if you're downsizing or moving to a cheaper area, your mortgage could well move with you!

However, should you need to borrow additional money to buy your new home, this would need to be arranged on one of our current mortgage deals, subject to you and your property meeting our lending criteria. You can use our simple online mortgage affordability calculator for an idea of how much we might be willing to lend you before you speak to one of our qualified mortgage advisers.

Can I port my mortgage?

First of all, you will need to check your mortgage documents, or call us to find out whether or not you currently have a portable mortgage. Most mortgages are portable, but if yours is not, then you will need to apply for a new mortgage.

However, if your mortgage with Newcastle Building Society does have the porting feature, you will need to apply to transfer your mortgage to your new property - you can speak to one of our mortgage advisers to do so. We will then ensure that you qualify to transfer your mortgage to your new home. As with your initial application for your mortgage, your circumstances and affordability will be carefully assessed, and your new property will be assessed and valued to ensure that you still meet our lending criteria.

What are the costs of porting a mortgage?

There may be fees incurred when transferring your mortgage, and you should carefully check the terms and conditions of your existing mortgage to find out what these are. If you are still unsure, one of our mortgage advisers would be happy to explain these to you. You will also need to pay for a valuation on your new property.

Please note: If you were to downsize you may need to pay a proportion of the early repayment charges.

What are my other options?

Even if you are able to port your mortgage and you qualify to do so, it is always sensible to research your options to ensure that your current mortgage deal is still right for you and there is not a more suitable one available - you may be able to switch your mortgage with us to a different deal, for instance. You may also find our mortgage repayment calculator helpful when considering other mortgage deals and how your monthly repayments may change.

Should you choose not to transfer your mortgage and instead apply for a new mortgage with a different lender, you should consider all of the fees that this might entail as these may also influence your decision. These may include an early repayment charge, mortgage exit administration fee, and an arrangement fee, valuation fee or Legal fees.

If you're thinking about moving, and are wondering whether transferring your mortgage to your new home is your best option, one of our team of qualified mortgage advisers will be pleased to discuss this with you. Call us or book an appointment at your local branch now to chat about porting your mortgage, or the other options that you may have available.