Thinking of moving house but wondering what happens to your current mortgage? You’re not alone. It’s a common question in Ireland: can you move your mortgage to another property? In most cases, the short answer is no —but there are some key exceptions worth exploring.
Whether you’re wondering can I keep my tracker mortgage if I move house, or can you move house with a fixed rate mortgage, the options available will depend heavily on your mortgage type and lender. Let’s take a closer look.
What it means to move your mortgage
When people ask, can I move my existing mortgage to a new property in Ireland, they’re often referring to something called porting a mortgage. This is the process of transferring the terms of your current mortgage—including the interest rate and outstanding balance—to a new property.
In theory, porting a mortgage sounds straightforward. In practice, it can be a bit more complicated, depending on your lender, your mortgage type, and your current financial situation.
Can I move my existing mortgage to a new property in Ireland?
If you’re wondering, “Can I move my mortgage?”—the answer depends on the type of mortgage you have. If you hold a standard variable or short-term fixed mortgage, most Irish lenders will require you to apply for a new mortgage on the new property. This means you’re not technically transferring your current loan to the new property — you’re starting fresh with a new one.
That said, there are two key exceptions where porting might be an option:
Tracker Mortgages
If you’re one of the lucky ones with a legacy tracker mortgage, your lender will likely let you port that tracker mortgage to your new home. This option applies to legacy lenders such as:
- AIB
- Bank of Ireland
- PTSB
- EBS
These banks often allow you to port the tracker to the new property, though typically with a small increase on your original tracker margin. Still, given how rare tracker mortgages are today, retaining one is often worth the effort.
Long-Term Fixed Rates (Avant Money)
For those on long-term fixed rates, Avant Money stands out with its One Mortgage, which comes with fixed terms of 15, 20, 25, or 30 years. One of the perks? It allows porting your fixed rate mortgage to a new home, assuming you meet their conditions.
While Finance Ireland previously provided similar options, they are no longer accepting new mortgage applications, so your choices are currently more limited.
Can I keep my tracker mortgage if I move house?
Yes—if you’re with one of the legacy banks (AIB, BOI, PTSB, EBS), there’s a good chance you can keep your tracker mortgage when moving house. This usually means porting your mortgage, although your lender might require a top-up at a different rate if you’re borrowing more.
Tracker mortgages are incredibly valuable today — almost like hens’ teeth — so if you have one, it’s worth holding onto if at all possible. Your lender will guide you through the specifics, but it often means you’ll need to sell and buy at the same time to keep the port intact.
If you’re asking yourself, “Can I move my mortgage and keep my tracker?” — the answer is usually yes, but you’ll need guidance from your lender and careful timing to make it work.
Can you move house with a fixed rate mortgage?
Yes, but it depends on your lender. Some banks in Ireland allow porting a fixed rate mortgage under specific conditions. For example, Avant Money’s One Mortgage allows porting of longer-term fixed rates. Outside of this, most fixed-rate customers will need to break their mortgage early (which may involve a penalty) and apply for a new mortgage on the next home.
To help weigh your options, check out our article: Is it better to have a fixed or variable loan?
What are the downsides of porting a mortgage?
- While porting a mortgage can help you hold onto a good rate — especially if you’re trying to move an existing tracker mortgage to a new property in Ireland — there are a few pitfalls to be aware of: Timing is everything: You usually have to sell your existing home and buy the new one in a tight window.
- New mortgage rules apply: Even though you’re porting, lenders will reassess your income and expenses.
- Top-up complications: If your new home is more expensive, you’ll need a second loan (possibly on less favourable terms).
- Not all lenders allow it: Some lenders simply don’t offer porting your mortgage to another house.
What to consider before moving your mortgage
Before you decide to move your mortgage to another property, here are a few practical things to consider:
- Current property value vs. new property value: Will you need to borrow more?
- Changes in income or employment: Can you meet stricter lending criteria?
- Additional borrowing needs: A top-up might be necessary, with different terms.
- Fees or penalties: Fixed rate break fees or legal costs can creep up on you.
Remember, every move is unique. It pays to get personalised advice from someone who knows their stuff.
How MortgageLine can help you move your mortgage
At MortgageLine, we make moving home feel less like a hassle and more like a fresh start. Whether you’re:
- Trying to keep a tracker mortgage while moving house
- Exploring whether you can move your existing mortgage to a new property in Ireland
- Or wondering, “What happens to your mortgage when you move?”
Our expert team of advisors can help you:
- Confirm if your lender allows porting your mortgage
- Help you compare top-up options
- Manage timing between sale and purchase
- Liaise directly with lenders on your behalf
We’ll make sure your new mortgage deal is tailored to your financial goals, and we’ll be with you every step of the way.
Looking for a moving home mortgage broker? You’ve found us.
Still wondering is a mortgage broker better than a bank? Our customers seem to think so.
Curious about what a mortgage broker can do for you? We’ll show you.
FAQs
How do I move if I already have a mortgage?
You’ll need to either port your existing mortgage (if your lender allows it) or apply for a new one. Timing, approval, and affordability checks all come into play.
How do you move when you still have a mortgage?
Typically, you sell your current home, pay off your mortgage, and then apply for a new mortgage on the new home. If porting is allowed, you may carry your mortgage terms to the new place.
Is there a penalty for porting a mortgage?
Not usually, but if you’re on a fixed rate and need to break the mortgage early, there may be penalties. Always ask your lender for a breakdown.
Thinking of moving but unsure where your mortgage stands? Contact us today for a free mortgage review call.
We’ll help you navigate your next move with confidence.
