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Moving home with your lifetime mortgage?

Yes, you may be able to move home and take your lifetime mortgage with you!

All more2life lifetime mortgages meet Equity Release Council standards, so you may be able to move home and take your lifetime mortgage with you. This is also known as porting. The new property you want to move to will need to satisfy more2life's lending criteria at the time. Therefore its best to check with us as soon as possible.

Check your new property’s suitability with our pre-Application enquiry button below. You can also find out whether a partial repayment is required, this is typically required when the property you are moving to has a higher value than your current one. Please be aware that the partial repayment figure provided to you may change as interest will continue to accrue on your existing lifetime mortgage.

Pre-application enquiry >

An independent surveyor will visit the property to assess the value and suitability of the property for equity release purposes. There will be a fee to pay, known as an valuation fee.

If you are downsizing or right sizing

Downsizing and right‑sizing refer to moving your lifetime mortgage to a new property that better suits your current needs.
 
Downsizing typically means moving to a lower‑value property and Right‑sizing focuses on finding a home that’s the right fit for your lifestyle. You might have to repay some of your lifetime mortgage if the maximum loan amount available on your new property is lower than what you owe. No early repayment charge would be payable on the amount repaid. Check your Tariff of Charges document which came in your Lifetime Mortgage Offer pack for any costs associated with it.

Submit a moving home application form >

What to expect

  • The porting process usually takes 14–18 weeks, but this can vary depending on legal requirements and personal circumstances.
  • It is important to tell your solicitor that you’re porting a lifetime mortgage as it’s different from a standard purchase. It’s preferable to use a specialist equity release solicitor.
  • Please complete all sections of the porting application form as a partially completed application form will lead to delays.
  • You’ll need to pay a non-refundable valuation fee, and other non-refundable charges may apply.
  • We’ll call you to take the valuation fee and then ask our valuers to contact the nominated person to arrange a date for the valuation. If the property is a new build, our valuers will instead contact the estate agents or builders to set up the valuation.
  • We may ask you to repay part of the amount outstanding on the lifetime mortgage if the maximum loan amount available on your new property is lower than the outstanding balance of your existing lifetime mortgage. If you’d like to know more about what your partial repayment could be, please contact us.
  • The sale of your current home and the purchase of your new home must happen at the same time. If not, your lifetime mortgage, accrued interest and any early repayment charges will need to be repaid in full.

Things to consider

  • A lifetime mortgage, including a Payment Term lifetime mortgage, is a loan secured against your home. It is subject to compound interest, meaning the amount you owe can grow quickly.
  • Equity release may leave you with limited or no equity in your property. This will reduce your financial options in the future.
  • Equity release will reduce the value of your estate. It may also affect your entitlement to means-tested benefits.
  • Lifetime mortgages are long term products. They are not designed to be repaid early. If you do repay early, early repayment charges may apply.

Step-by-step guide to porting

Let us know about your move as soon as you can. Submit a pre-application enquiry using the button above. Alternatively, if you are ready to submit an application form please select the 'Submit a moving home application form' button above.

Once we receive your completed application form, we’ll:

  • Collect any extra details we need from you.
  • Take the valuation fee over the phone (the valuation fee depends on your new property value) as per the Tariff of Charges document included with your Lifetime Mortgage Offer document.
  • Arrange for a surveyor to assess and value your new property.

After the valuation report comes back it will be reviewed and if your new home meets our lending criteria at that time we will issue you an Offer - with the same interest rate as your current lifetime mortgage. The Offer issued does not have any expiry date.

We’ll send the Offer to you and our solicitors. Our solicitors will pass it on to your solicitor to begin the legal process.

If your new home doesn’t meet our lending criteria at the time we’ll contact you to discuss your options.

Your solicitor will take the lead here, working directly with our solicitors. We’ll keep you updated on the lifetime mortgage side, but we’re unable to assist with legal queries - should you have any, these will need to be directed to your solicitor.

Once all paperwork is signed and returned:

  • You'll be issued your final Offer.
  • Your lifetime mortgage will be transferred to your new home on the day of completion.
  • Any fees due will need to be paid before or on the day of completion.
From first call to completion, we’re with you at every step

Need further help with porting? Visit our Porting Guide for tips, resources and a deeper look at the process.

Porting Guide

Frequently asked questions

1. How long does the porting process take?
The porting process usually takes 14–18 weeks, but this can vary depending on legal requirements and personal circumstances.

We aim to keep things moving. Here are the typical time frames for more2life to complete activites at each stage:

  • Initial enquiries & updates: Within 2 working days.
  • Reviewing a new porting application: Up to 5 working days once the application form is submitted.
  • Valuation review: Within 3 working days of receipt of the valuation form.
  • Our solicitors (Enact): 5 -7 working days to respond to your solicitors following any communication received.

2. What fees will I need to pay?
You may need to pay a valuation fee and an arrangement fee. The cost of the fees are specific to your Lifetime Mortgage product. More details can be found in your Lifetime Mortgage Offer document.

3. Where can I find the valuation fee?
It’s based on the agreed purchase price of your new home. You can check the fee using the valuation table in your product’s Tariff of Charges document.

4. Do I need a solicitor?
Yes, you’ll need a solicitor to handle the lifetime mortgage transfer, property sale and purchase. You can use the same solicitor for both if you prefer.

5. Will my interest rate change?
No. Your existing interest rate and terms will stay the same and move with your lifetime mortgage.

6. Does my porting Offer expire?
The Offer itself doesn’t expire, but the property valuation might. If it does, we will undertake a new valuation and will issue a new porting Offer if the property value changes. Please note, if the valuation expires, you may need to pay for any re-valuations.

7. When do I pay the arrangement fee?
You’ll only need to pay the arrangement fee once you’ve exchanged contracts on your new property. This is because the fee is non-refundable should contracts not be exchanged.

8. What if I cannot or do not want to port my lifetime mortgage?
If you do not port your lifetime mortgage, then the outstanding balance, including any accrued interest and early repayment charges will need to be repaid. However, in some circumstances an early repayment charge may not apply:

  • If you move home after your early repayment charge period ends
  • If your plan includes downsizing protection and you move to a property which isn't acceptable to more2life, an early repayment charge would not apply (downsizing protection is usually only available after the loan has been running for at least 5 years). Please check your Lifetime Mortgage Offer document for more details of your early repayment charge criteria.
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