Mortgage Porting FAQs

Porting is the process of transferring an existing mortgage to another property. It’s typically used by people who want to move home but keep their existing mortgage terms.

We allow porting on our residential mortgages and buy-to-let mortgages.

Before approving a port, we’ll need to assess the new property, which will need to satisfy our lending criteria as suitable security for your mortgage.

We can only port your mortgage to:

• An unencumbered property already owned by you (a property without any registered mortgages or legal claims).
• A property you are purchasing on the same day you sell your existing property, known as a simultaneous sale and purchase. If there is a delay between the sale of your existing property and purchase of your new property, we will not be able to port your mortgage.

We cannot port a mortgage where you are changing its purpose; for example, we are not able to port a residential mortgage product to a buy-to-let or commercial property. For a port to be eligible, you must own your new property in the same way as your existing property for example in your sole name or as joint tenants.

If you are buying a new property and selling your existing property, we can only port a mortgage on the same day as the sale and purchase. If you have any concerns regarding this timeframe you should speak to your Private Banker as soon as possible.

We charge a valuation fee and solicitor fees related to the new security property. There may also be an Early Repayment Charge applicable to your mortgage.

We do not charge an arrangement fee, or any other fee, for porting your mortgage.

To port with us, you must be an existing Investec mortgage client and up to date with your mortgage payments.

You will also need to continue to meet Investec’s lending criteria.

You cannot port across mortgage where you are changing its purpose; for example, you cannot port a residential mortgage to a buy-to-let or commercial property.

You can port a buy-to-let mortgage to another buy-to-let property.

Yes, fixed-rate products or tracker rate products can be ported. Like any mortgage, they must satisfy our lending criteria. Early Repayment Charges may be payable if you plan to reduce the mortgage amount.

No. You cannot change the product end-date when porting.

Yes, if you meet our lending criteria. We can port your existing mortgage on the same terms and assess your additional borrowing needs on new terms. Any additional borrowing may result in a change to your overall loan-to-value (LTV) bracket and will be priced accordingly.

Yes. We will require a valuation of your new property, and if the Loan-to-value (LTV) has increased compared to your existing LTV, we will ask you to pay back the difference. If this sum is higher than your Early Repayment Allowance (ERA), you may need to pay Early Repayment Charges (ERC). Not all mortgages are subject to an ERC.

For example:

Your existing property value is £2,000,000 with an existing mortgage of £1,500,000. Your LTV is 75%.

You may be looking to purchase a new property that is valued at £1,500,000.

To keep your existing terms, you can only port a mortgage of 75% LTV or below. This means that your ported mortgage amount will be £1,125,000 as you’ll need to pay back the difference of £375,000.

If your mortgage is subject to an ERC, this will apply to the £375,000 repayment. You may have an ERA, which is a yearly ceiling on mortgage overpayments – overpayments that are below the ceiling will not incur an ERC. Otherwise, any applicable ERC will apply in full. Your Private Banker can provide you with a comprehensive breakdown of the ERC implications of your port.

You need to pay your Early Repayment Charge prior to your existing mortgage redemption or at the point of the mortgage redemption. The charge is non-refundable.

No. If you plan to port your mortgage product without changing any other aspects of your mortgage, you can choose to port without speaking to a Mortgage Adviser.

Our advisers are always on hand – if you would like to discuss your circumstances, make other changes to your mortgage or explore additional products suited to you, we’re here to help. 

If you’d like to make other changes to your mortgage, we will consider your needs on a case-by-case basis. Speak to your Private Banker about your specific requirements for a full view of your options. Depending on the circumstances, one of our Mortgage Advisers can assist you with the new application.

No.

Please speak to your Private Banker if you have any other questions.