If you have a lifetime mortgage and are thinking about moving home, you may wonder whether your mortgage can move with you.
Many lifetime mortgages are portable, but there are important details to consider. As a mortgage broker in Halifax, we help customers understand how portability works and what it could mean for their plans.
How does porting a lifetime mortgage work?
Porting a lifetime mortgage in Halifax means transferring your existing mortgage to a new property. If your lender allows this, your current loan terms can continue without the need to take out a new product.
The new property must meet your lender’s criteria, which could include factors such as property value, type, and location. If approved, the process allows you to move home without triggering early repayment charges.
Our team of mortgage advisors in Halifax can guide you through this process and liaise with your lender to help ensure a smooth transition.
What happens if you want to downsize?
Many homeowners consider downsizing later in life, either to release funds or to move to a more manageable property. Porting your lifetime mortgage when downsizing is possible, though there are extra points to consider.
If the value of your new home is lower, your lender may ask you to repay part of your lifetime mortgage to maintain the right loan-to-value ratio. It is important to understand this before starting the process so you can plan accordingly.
Speaking with a mortgage advisor in Halifax will help you explore your options if you are thinking of downsizing.
What if your new property in Halifax doesn’t qualify?
Not all properties will meet your lender’s criteria for porting a lifetime mortgage in Halifax. Some types of housing, such as certain leasehold flats or non-standard constructions, may not qualify.
If your new property does not meet the required standards, you may need to repay your lifetime mortgage in full, which could include early repayment charges.
This is why it is vital to check the property’s eligibility with your lender before committing to a purchase.
Our mortgage advisors in Halifax can help you navigate this process and understand your alternatives if your chosen property is not suitable.
Is It More Complicated To Move With A Lifetime Mortgage?
Moving with a lifetime mortgage is more involved than moving with a standard mortgage, as there are more checks and criteria to meet. The process takes careful planning, particularly if you are moving to a smaller property or a different area.
That said, with the right support, it is entirely possible. Many age 50+ mortgage options in Halifax are designed to offer flexibility, including portability, to support your changing needs later in life.
Working with an experienced mortgage broker in Halifax will make the process much easier. We can help you understand your options and ensure you are fully prepared for what moving with a lifetime mortgage involves.
Date Last Edited: June 9, 2025