Porting Your Mortgage: What It Is and Why It’s Not Always So Simple
Courtesy of My University Money
One of the most common questions I get from clients who are planning to move is:
“Can I just bring my mortgage with me?”
The answer? Yes — in many cases, you can.
But whether you should port your mortgage is a whole different conversation.
What Is Porting a Mortgage?
Porting your mortgage means transferring your current mortgage — including the rate, term, and lender — to a new property without paying a penalty.
Sounds convenient, right? You avoid breaking your mortgage, keep your existing rate (which may be lower than current rates), and maintain the same lender.
But here’s where it gets tricky.
A Relatable Example: The Home Upgrade Dilemma
Let’s say a couple bought their first home in 2021 when rates were historically low — 1.79% on a fixed 5-year term. Fast forward to 2025, they’ve outgrown the space and want to upgrade.
They still have a year and a half left on their mortgage term, and they ask me:
“Can we port our mortgage to the new house so we don’t lose that amazing rate?”
Yes, we can explore that. But here are the things I walk them through:
The Pitfalls and Fine Print
1. Timing matters.
Most lenders require the sale and purchase to happen within a tight window (typically 30-90 days) to allow porting. If your purchase closes before your sale, you may not qualify for porting — or worse, may be forced into bridge financing or pay penalties.
2. You may still need to requalify.
If your income has changed, or if the new home is more expensive, the lender may not approve the full amount you need — even with porting.
3. Blended rates can get confusing.
If you need a larger mortgage to afford your new home, you’ll often end up with a blended rate — part at your old rate, part at the new rate. The math behind this can be complicated and not always in your favour.
4. Some lenders make it tough.
Not all mortgages are easily portable. If you’re with a collateral mortgage, or a lender with strict porting rules, it might not even be an option.
So, Should You Port or Break?
This depends entirely on your personal situation — which is where I come in.
I always analyze both scenarios:
What does porting save you?
What does breaking and renegotiating get you — even with a penalty?
Sometimes the penalty is worth it, especially if new rates or terms can offer better long-term flexibility or lower overall costs.
How I Can Help You Navigate It
As a mortgage agent, my job is to look beyond the basic math and find the path that works best for your goals. I help you:
Understand the real numbers behind porting vs. breaking
Time your sale and purchase effectively
Avoid hidden costs or lender traps
Potentially negotiate a better deal with your lender — or help you switch if needed
If you’re thinking about moving and wondering what happens to your mortgage — don’t guess.
Let’s sit down and go through your options with no pressure and no obligations.
📱 Or message me on Instagram: @_mrmortgage
Let’s make your next move your best one.
