Yes, most lifetime mortgages in London are portable. This means the mortgage can usually move with you if you decide to change property.
That said, portability is always subject to lender approval, and the new home must meet specific criteria.
If you’re considering equity release in London and want to keep your future options open, it’s important to understand how porting works and what restrictions may apply.
How Does Porting a Lifetime Mortgage Work?
Porting a lifetime mortgage in London means transferring the loan from your current property to a new one. The mortgage stays in place, but it is secured against your new home instead.
This can allow you to move without repaying the balance, as long as the new property is acceptable to the lender.
Before agreeing, your lender will carry out an assessment on the new home. This usually involves checking the property’s value, construction type, and whether it fits their lending criteria.
If the home is approved, you can move while keeping the same interest rate and terms.
What Happens if You Want to Downsize?
If you’re moving to a less expensive home, your lender might ask for part of the mortgage to be repaid.
This is because the original loan was based on the value of your previous home, and the new property may not support the full balance.
Some lenders offer downsizing protection. This feature allows you to repay the mortgage early, after a set period, without facing an early repayment charge.
If you’re planning to move to a smaller property later on, choosing a plan with this feature could give you more flexibility.
What if Your New Property in London Doesn’t Qualify?
If your new home doesn’t meet your lender’s criteria, porting the mortgage won’t be allowed.
This often applies to properties in London with non-standard construction, retirement complexes, or those considered high risk.
In these cases, you may need to repay the mortgage in full before you can move. Depending on how long you’ve had the loan, this might trigger an early repayment charge.
Some lenders will waive these charges in certain situations, such as a change in health or family circumstances, so it’s worth reviewing the terms of your current plan.
Is it More Complicated to Move With a Lifetime Mortgage?
It can be, but that doesn’t mean it’s not possible.
Every lender has their own process for reviewing new properties, and the success of your move will depend on the details of your mortgage and the home you want to buy.
If you’re thinking about moving home with a lifetime mortgage in London, speaking to a mortgage advisor is the best way to check what’s possible.
Our team at Londonmoneyman can review your current plan, explain the porting process, and help you understand whether your move can go ahead without issues.
Date Last Edited: June 5, 2025
