What Irish homeowners need to know about porting a mortgage when buying a new home.

Introduction: The Big Question for Home Movers

Moving house is an exciting milestone, but for most Irish homeowners, it comes with a pressing financial question:

“Can I bring my mortgage with me?”

The idea makes sense. You already have a mortgage—maybe even at a good fixed rate—so why not transfer it to your next property and avoid the hassle of applying for a brand-new loan?

In theory, this is possible through a process called porting your mortgage, but in Ireland, it’s not always straightforward. Here’s what you need to know before packing up and expecting your mortgage to move with you.

What Does Porting a Mortgage Mean?

Porting a mortgage means transferring your existing home loan and interest rate to a new property, effectively taking it with you when you move house.

This is particularly appealing if:

  • You’re on a favourable fixed rate that’s lower than current market offers.
  • You want to avoid early repayment charges for breaking your deal early.
  • You’d like to stay with your current lender to simplify the move.

In theory, porting allows you to continue your existing mortgage on a new home, saving time and money. But the reality is more complex, and in Ireland, porting is far from guaranteed.

How Common Is Porting in Ireland?

Unlike in the UK, where porting is widely available, Irish lenders offer limited porting options, and policies vary greatly.

  • AIB, Bank of Ireland, and PTSB are among the few lenders that may allow some form of porting.
  • Even when available, you’ll often face a full re-application process, as though you were applying for a brand-new mortgage.
  • Some lenders simply don’t offer porting at all, meaning you must either switch products with your existing bank or take out a new mortgage elsewhere.

Data from the Irish market shows that most home movers in 2023/24 ended up taking a new mortgage or switching lender entirely, as porting options were limited and sometimes less competitive than re-mortgaging.

How Porting Works in Practice

If your lender allows porting, here’s how it typically plays out:

  1. You sell your existing property and agree on a purchase for your new home.
  2. You apply to your lender to transfer the mortgage, undergoing fresh income, affordability, and credit checks.
  3. The new property is valued, and your lender ensures it meets their lending criteria (location, type, condition, etc.).
  4. If your new property costs more than your current mortgage, you may need a top-up loan for the difference. This additional borrowing will almost always be on today’s rates, meaning you could end up with a split mortgage: part on your old fixed rate, part on a new higher rate.
  5. If you’re downsizing, you may have to pay an early repayment charge on any portion of the loan you don’t transfer.

All this typically has to happen simultaneously, meaning you sell and buy in quick succession. If there’s a gap between the two, porting becomes complicated or impossible.

Eligibility and Conditions

Even if your bank offers porting, approval is not automatic. You’ll need to:

  • Meet current loan-to-income (LTI) and loan-to-value (LTV) rules set by the Central Bank (3.5x income and 80% LTV for movers).
  • Pass full affordability assessments, as if applying from scratch.
  • Ensure your new property meets lending criteria (e.g., non-standard builds can be problematic).
  • Be in good standing with your repayments and credit history.

It’s important to understand that porting is not a guaranteed right—it’s essentially reapplying for your mortgage with some continuity benefits.

Pros and Cons of Porting vs Taking a New Mortgage

Porting can seem attractive, but it’s not always the most cost-effective choice. Here’s how it compares:

Potential Benefits

  • Retain a low fixed rate if it’s below current market levels.
  • Avoid or reduce early repayment penalties for ending your deal early.
  • Stay with your existing lender, simplifying paperwork.

Drawbacks

  • Not widely available among Irish banks.
  • Full re-approval process required—you’re not guaranteed acceptance.
  • May result in a split mortgage, with part of the loan at today’s higher rate.
  • Could miss out on better deals by not comparing the full market.

In many cases, switching to a new lender (even with a break fee) can result in lower repayments than porting, especially now that rates have come down slightly and cashback offers are available for movers.

Illustrative Case Study: Porting vs Switching

For illustration purposes only

Sarah and Liam bought their first home in 2019 with a €280,000 mortgage fixed at 2.6% for 5 years. In 2024, they’re moving to a larger home costing €400,000.

  • Option 1 – Porting: Their bank allows them to port the existing €250,000 balance to the new house but requires a top-up loan of €150,000 at today’s rate of 3.6%. Their repayments are split:
    • €250k at 2.6% = €1,000/month
    • €150k at 3.6% = €720/month
    • Total: €1,720/month.
  • Option 2 – Switching: They switch to a new lender offering a 3.2% rate on the full €400,000 with €1,500 cashback.
    • Total repayments: €1,660/month.
    • Net benefit: Lower monthly cost and a cashback incentive, even after paying a €1,200 break fee to exit the old mortgage early.

After running the numbers, switching outperformed porting by over €60/month and provided a cleaner, single-rate mortgage.
This example shows that while porting might sound convenient, it’s not always the cheapest or simplest choice in practice.

(This is a fictional example; individual savings and eligibility vary.)

Key Takeaways for Irish Home Movers

  • Porting your mortgage in Ireland is possible, but not guaranteed and not widely offered.
  • Even when available, it involves a full re-application and may result in split-rate borrowing.
  • Rolling onto a high variable rate or sticking with an uncompetitive lender can be far more costly than switching.
  • Always review all options—porting, switching, and new mover products—before making a decision.

Next Steps

If you’re planning a move, speak to EDUC Mortgages early. We’ll:

  • Check if porting is an option with your current lender.
  • Compare it to switching or taking a new home mover mortgage, so you see the real numbers.
  • Help you avoid unnecessary costs or delays during your move.

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