If you’re thinking about moving home in Sheffield but want to keep your current mortgage deal, you may be able to port your mortgage.
Porting means transferring your existing mortgage from your current property to a new one, which can sometimes be a way of keeping a competitive interest rate or avoiding early repayment charges.
Not every mortgage will be portable, and even if yours is, it isn’t always the most suitable option for your circumstances. Before making any decisions, it’s worth understanding how the process works and what it might mean for you.
What does porting a mortgage mean?
Porting a mortgage simply means moving your existing mortgage deal from your current home to a new property.
If your lender allows it, this can let you keep the same interest rate and terms you already have, rather than paying off your mortgage in full and starting again with a new product.
For many homeowners, porting a mortgage in Sheffield can be appealing if they’re on a competitive fixed rate or want to avoid early repayment charges.
When might you consider porting your mortgage?
Homeowners usually look at porting when they’re happy with their current deal and don’t want to lose it.
For example, if you secured a low fixed rate a couple of years ago and rates have since risen, porting could save you money compared to taking out a new mortgage.
It can also be a way of avoiding penalties if you’re tied into your current product but need to move home before your deal ends.
How Lenders Assess a Porting Application
Even though you already have a mortgage, lenders will still carry out fresh checks when you apply to port.
This is because you’re moving to a new property, and the risk profile may be different. Your lender will reassess your affordability based on your income, outgoings, and credit history at the time of your application.
They’ll also check the suitability of the new property to make sure it meets their lending criteria.
Challenges You Could Face When Porting
While porting can sound straightforward, it doesn’t always work out that way. If you’re moving to a more expensive property, you may need to borrow extra on top of your current mortgage.
This top-up will usually be taken on a different product, which means you could end up with part of your mortgage on one rate and part on another.
In addition, stricter affordability checks today may mean that a deal you once qualified for isn’t available anymore. These factors can make porting less flexible than you might expect.
Alternatives to Porting a Mortgage
Porting isn’t the only option when moving home in Sheffield. You could look at remortgaging to a new deal with your existing lender or switching to a different lender altogether.
Sometimes, even with early repayment charges, a new mortgage can work out more cost-effective in the long run if the rate or terms are better.
Exploring all the options ensures you’re not tied to something that no longer suits your needs.
How a Mortgage Advisor in Sheffield Can Help
Every homeowner’s situation is different, and what works well for one person might not be the best choice for another.
Speaking with a mortgage advisor in Sheffield means you can get a clear picture of whether porting is possible with your lender and whether it’s the right route for you.
Our team have experience helping local customers compare options, whether that means porting, remortgaging, or exploring something completely new.
Date Last Edited: August 22, 2025
