Porting your mortgage

What is mortgage porting?

If you’re happy with the mortgage you’ve already got, porting lets you keep it when you move. It could mean the same deal. The same interest rate. The same terms.

It could also help you avoid an Early Repayment Charge, which you might have to pay if you switch to a new mortgage instead.

If you need to borrow more for your new home, you can usually do that too. Just remember that any extra borrowing normally comes at current interest rates and depends on affordability checks and lending criteria.

Porting isn’t always the best option. If you took out your current Skipton mortgage deal some time ago and there are now better deals available, remortgaging or switching might be cheaper overall. Even if that means paying an Early Repayment Charge.

Don’t worry, you don’t have to decide all this on your own. We’re here to support you.

What does porting involve?

We’ve partnered with Phil Spencer’s Move iQ to break it all down. In this episode of our video series, Phil chats with Skipton mortgage expert, Simon, about how porting works and what to think about before you move.

Porting your Skipton mortgage

If you’d like to port your Skipton mortgage, you’ll need to buy your new home within six months of selling your current one.

You can:

• keep borrowing the same amount.
• borrow more (if you’re eligible).
• borrow less – just be aware that Early Repayment Charges may apply.

Your porting request will go through our usual checks, including affordability, the property’s valuation, and the purpose of the loan.

Your step-by-step guide to porting a Skipton mortgage

1. Check if your mortgage is portable

   Your original mortgage offer will show this. If you’re unsure, call us on 0345 607 9825 or start a web chat.

   Not all mortgages are portable. For example, you can’t port a residential mortgage to a Buy to Let property.

2. Speak to us as soon as possible

   Ideally before you agree to buy your new property. We’ll help you understand if porting is right for you and explain how rate changes, Early Repayment Charges or timing might affect your decision.

3. Decide if you need to borrow more

   If you need a bigger mortgage to afford your new home, you’ll need to apply for a top up. Your overall mortgage could then have two parts:

   • the ported amount (usually at the same rate as before)
   • the extra borrowing (at current rates).

   The new mortgage will be subject to affordability checks and our lending criteria.

   When you speak to us, we’ll talk you through applying for a new mortgage and help you look at the latest deals.

4. Think about other changes you might want to make

   Moving home is often a good time to review your mortgage. For example, you might want to:

   • downsize and reduce your borrowing
   • think about overpaying
   • change your mortgage term
   • switch repayment types
   • add or remove someone from the mortgage.

   We’ll help you understand what’s possible and whether any Early Repayment Charges might apply.

5. Make your choice

   We’ll recommend an approach that best fits your plans, with no pressure to act. After you decide, we’ll guide you through next steps.

   We’ll also arrange a valuation of your new property as part of the process.

6. Complete your sale and buy your new home

   You only port your mortgage when your sale and purchase both complete.

   Moving home can take time – especially in a chain – so the earlier we start the conversation, the smoother everything is likely to feel.

Start your porting journey

Looking for something else?