Can I take my mortgage with me if I move, or move it to a different lender?

What porting actually does

Porting lets you carry an existing mortgage's rate and remaining term to a new property with the same lender, instead of breaking the mortgage and paying out its early payout charge. Not every mortgage is portable, and even a portable mortgage requires the new property and the amount involved to meet the lender's requirements at the time.

If the new property costs more, most lenders will blend the ported rate with a new rate on the additional amount, rather than offering the full new balance at the old rate.

Timing a port around two closings

Porting works most smoothly with a same-day closing, selling and buying on the same date, since the existing mortgage can be discharged and re-registered against the new property without a gap. A staggered closing, selling first and buying later, or buying first, can complicate a port, and some lenders set a limited window for the new purchase to close.

Confirm the lender's specific window and requirements before relying on porting in your planning.

Switching lenders instead

Switching moves the mortgage to a different lender, most commonly at renewal, though it can also happen mid-term subject to whatever early payout charge applies. A switch pays out the old lender and registers a new charge with the new one, generally without the full requalification a purchase mortgage requires, for a straightforward switch of the same balance and amortization.

Switching and porting solve different problems: porting keeps your existing lender and rate; switching changes the lender, usually for better terms elsewhere.

Whichever route you choose, your lawyer registers the new lender's charge and discharges the old one on closing.

When neither is available

Some mortgages, particularly certain fixed terms or those from smaller lenders, restrict or exclude porting. If porting is not available and you are moving before your term ends, the choice becomes breaking the mortgage and paying its early payout charge, or timing the move to your renewal date instead.

None of these options is set by general law; each mortgage's own terms decide what is available to you.