Can I transfer my mortgage to a new property if I move?

Most mortgages are ‘Portable’ but you will need to check this is the case with your current lender. When you port your mortgage you effectively take your existing product and borrowing with you to the new property. It’s important to remember that it’s not as simple as just switching the address though, the lender will still treat it like any other new application, so they will need to reassess your income, it will go through underwriting and a new valuation will be required for the new property. The main benefit to porting a mortgage though is that you’d typically avoid paying any Early Repayment Charges which might otherwise apply. It is normally possible to borrow more if required with a ‘top up’, as long as affordability allows for this. Also, if you require lower borrowing for the new property, an Early Repayment Charge percentage might apply against the reduction in borrowing against your current loan amount.