I’m Charles Calvert, a mortgage broker at Easy Mortgages. This is general information, not personal advice. Always check the figures against your own situation before you decide anything.
Moving home in Fareham and wondering whether you can take your mortgage with you? Porting is the industry word for moving an existing deal onto a new property. In August 2023, with many homeowners still on older fixed rates that look attractive next to today’s pricing, porting comes up in almost every moving conversation I have across Fareham, Whiteley, Locks Heath and Portchester.
Sometimes porting works neatly. Sometimes a fresh mortgage is cleaner. Here is how I explain the choice.
What porting actually means
If your current deal is portable, the lender may let you transfer the remaining balance and rate onto the new home, subject to a fresh affordability and valuation check. You are not “keeping the mortgage unchanged” in every sense — the lender still underwrites you again against the new property and your current income.
Many fixed-rate deals include a portability clause. That does not mean every move is approved. Credit changes, a drop in income, or a property type the lender will not touch can still block a port.
Why porting is a hot topic right now
A lot of Hampshire homeowners fixed at much lower rates in 2020–2022. Leaving that deal early can trigger an early repayment charge (ERC). Porting is designed to let you move home without throwing away the remaining fixed period — if the lender agrees. When open-market rates are higher than your current pay rate, protecting that rate can be worth a careful look.
When porting can make sense
- Your current rate is clearly better than anything available on the open market today.
- You would otherwise pay a hefty ERC to leave the deal early.
- Your circumstances are stable and the new property fits the lender’s criteria.
- The move is local and the chain timing allows for the lender’s port process.
When a new mortgage is often better
If you need a larger loan because the new home costs more, some lenders offer a port-plus-new-borrowing mix — part at your old rate, part at today’s rate. Others prefer you to remortgage the whole lot. I compare both routes on total cost, not just the headline rate.
If you are moving from Fareham to elsewhere in Hampshire and the chain is tight, speed matters. A product that ports slowly can lose you the house. A new lender with a faster process can win even if the rate looks a touch higher on paper.
Costs to budget for
Expect a valuation on the new property, possible arrangement fees on any top-up, and legal work for the purchase. Early repayment charges still apply if you cannot port and need to repay the old loan. If I arrange a new purchase mortgage, my fee is £495, payable only once you receive the full mortgage offer. If you stay put later and remortgage, that fee is £299. Product transfers with your existing lender carry no fee from me.
Fareham moving tips
Local moves — say Locks Heath to Portchester, or Fareham to Winchester — often involve overlapping chains and school-term deadlines. Tell me your target completion window early. We can line up Decision in Principle strength, port eligibility checks and a fallback lender so you are not stuck if the port is declined late.
Also check whether your current deal’s ERC reduces as you near the end of the fix. Sometimes waiting a few months and moving on a new deal costs less than forcing a port. That maths has to be done on your actual balance and remaining term, not a generic online calculator.
If you are planning a Hampshire house move and want to know whether porting is realistic before you offer, send me your current offer letter summary and the property particulars.
Questions to ask before you instruct
Ask your current lender (or ask me to ask) whether the deal is portable, what the maximum loan on a port is, how they treat a top-up, and typical timescales from application to offer on a port. Ask what happens if the new valuation comes in light. Those answers should sit beside the estate agent’s proposed completion date before you commit emotionally to a Fareham or Hampshire move.
Also ask your solicitor how they handle simultaneous sale and purchase when a port is involved. Ports can introduce lender-specific conditions that a cash buyer or a clean new mortgage would not have. Surfacing those early keeps the chain calmer.
Porting is not the only way to protect a good rate
Occasionally the better path is to complete the move on a new mortgage and accept the ERC as a cost of the move — especially if the new property needs a lender your current bank will not accept, or if the top-up pricing is poor. I will show you both total-cost routes in pounds, not just a slogan about “keeping your rate”.
If you would like to talk this through for your own numbers, you can get in touch here or email contact@easy-mortgages.co.uk. I am based in Fareham and help clients across Hampshire.