Moving Home in Hove – How Mortgage Porting Works and When to Remortgage Instead

If you already have a mortgage and are planning a move within Hove or to nearby Southwick or Brighton, you will hear the term mortgage porting. Porting means taking your existing rate with you to the new property, subject to your lender agreeing and your finances still fitting their criteria.

When porting makes sense

• Your current fixed rate is particularly competitive
• Early repayment charges apply and would be expensive to pay
• Your timing is tight and you want a straightforward process with your current lender

How it works

• You apply to your existing lender for the new property
• The original loan is redeemed on sale and recreated on the purchase at the same rate and product terms
• If you need extra borrowing to afford the new home, it is usually put on a separate top-up product at current rates

When a full remortgage can be better

• Market pricing has moved in your favour
• You want to adjust the term or structure more dramatically
• Your lender’s criteria make the numbers tight, but another lender would accept your case

Practical tips for Hove moves

• Start 3 to 6 months before your move date
• Gather payslips, accounts and bank statements early – decisions are quicker when the paperwork is tidy
• Check your chain. If completion dates shift, ensure your offer validity still works
• Budget for fees – valuation, legal work, possible product fees and any early repayment charges if you depart your current deal

If you want help deciding between porting and remortgaging for a specific property in Hove, you can reach us on the contact page.