Moving Home With an Existing Mortgage in Ireland: Porting vs New Mortgage

You’ve outgrown your current home, found a new property, and now face the question: what happens to your existing mortgage? In many countries, you can “port” your mortgage to a new property. In Ireland, the reality is more complicated. Most lenders don’t offer genuine porting, leaving you with decisions about break fees, new applications, and whether your current deal is worth keeping.

This guide covers what actually happens when you move home with an existing mortgage in Ireland, what your lenders will and won’t allow, and how to make the decision that costs you least.

What Is Mortgage Porting?

Mortgage porting means transferring your existing mortgage—with its current rate, terms, and remaining fixed period—to a new property when you move home.

True porting would let you:

• Keep your existing interest rate
• Avoid break fees on a fixed-rate mortgage
• Maintain your loan term and repayment schedule
• Top up the loan if the new property costs more

In the UK, porting is common. In Ireland, it barely exists. What Irish lenders call “porting” is usually just an application for a new mortgage with the same lender, not a true transfer of your existing deal.

Can You Port a Mortgage in Ireland?

Short answer: probably not.

As of September 2026, no major Irish lender offers true mortgage porting. AIB, Bank of Ireland, Permanent TSB, and Haven all require you to close your existing mortgage and apply for a new one if you move home.

Some lenders use the term “porting” in marketing, but what they mean is:

• They’ll accept a new mortgage application from you
• You might get priority processing as an existing customer
• Your current mortgage still closes, and you pay any applicable break fees
• The new mortgage is on current rates and terms, not your old ones

This matters most if you’re on a competitive fixed rate that’s lower than current market rates, or if you hold a tracker mortgage.

Moving Home on a Fixed-Rate Mortgage

If you’re currently on a fixed rate and want to move home before the fixed period ends, you face a choice: pay the break fee or wait until the fixed term expires.

Understanding Break Fees

Break fees compensate the lender for the interest they lose when you exit a fixed rate early. The fee calculation depends on:

• How much you still owe
• How much time remains on your fixed term
• The difference between your fixed rate and current wholesale rates

If you fixed at 2.5% in 2023 and rates have since risen, your break fee might be zero or minimal—the lender isn’t losing money because they can re-lend at a higher rate. If you fixed recently at 3.5% and rates have now fallen to 2.9%, you could face a substantial fee.

Example break fee calculation:

• Remaining balance: €250,000
• Time remaining: 3 years
• Your fixed rate: 3.5%
• Current equivalent rate: 2.8%
• Differential: 0.7%
• Approximate break fee: €5,000–€6,000

Your lender must provide an exact figure when you request it. Get this in writing before making decisions.

Can You Avoid the Break Fee?

In most cases, no. Even if you’re taking out a new mortgage with the same lender, they’ll still charge the break fee on the old mortgage before issuing the new one.

Some lenders may waive or reduce the fee if:

• You’re borrowing significantly more (adding €100k+ to your loan)
• Current market rates are higher than your fixed rate (so there’s no actual cost to them)
• You negotiate hard, though this is rare

Don’t assume goodwill. Irish banks treat the old and new mortgages as separate transactions.

Moving Home on a Variable-Rate Mortgage

If you’re on a standard variable rate (SVR) or a loan to value (LTV) variable rate, moving home is simpler. Variable rates have no break fees. You can:

• Close your existing mortgage any time
• Apply for a new mortgage on the new property
• Switch lenders if you find a better rate

The main consideration is whether you can get a better deal on the new mortgage. If you’ve been on an SVR for years, you’re probably paying more than necessary. Use the move as an opportunity to shop around.

Moving Home on a Tracker Mortgage

This is the most important scenario to get right.

Tracker mortgages—where your rate moves in line with the ECB rate plus a fixed margin—were popular before 2008. If you have one, it’s likely your best asset. Typical tracker margins range from ECB + 0.75% to ECB + 1.25%. With the ECB rate sitting at 2.5% in September 2026, you’re paying 3.25%–3.75%, well below most fixed rates.

Tracker Mortgage Protections

Since the tracker mortgage scandal, Central Bank rules protect tracker holders. If you want to move home, lenders must:

• Allow you to keep your tracker rate on the new property, subject to loan to value limits
• Not impose break fees for moving the tracker to a new property
• Provide clear terms about how much you can borrow on the tracker terms

Key rules:

• You can generally keep the tracker if the new loan amount is within Central Bank LTV limits (80% LTV for movers)
• If you need to borrow more than 80% LTV, the lender may split the mortgage: tracker terms up to 80%, SVR or fixed rate on the additional amount
• The property must be your principal private residence

Top-Up Rules for Trackers

If your new home costs more than your current one, you need a larger mortgage. Lenders handle this differently:

Example:

• Current home value: €300,000
• Current tracker mortgage: €180,000 (60% LTV) at ECB + 1%
• New home price: €450,000
• New mortgage needed: €360,000 (80% LTV)

You’d keep the tracker on €180,000, and borrow the additional €180,000 on current rates (likely 3.3%–3.8% fixed). Your overall rate would be a blend of the two.

The New Mortgage Application Process

Whether you’re staying with your current lender or switching, moving home means applying for a new mortgage. The process is the same as any mortgage application:

1. Affordability Assessment

Your lender will reassess your income and outgoings based on current circumstances. Even if you’ve been paying your existing mortgage for years, they’ll apply current stress testing (typically at 5.5%–6% rate).

2. Loan to Value Limits

As a mover (non-first-time buyer), you can borrow up to 80% LTV under Central Bank rules. Most lenders apply this strictly, though some offer 90% LTV at higher rates for specific circumstances (negative equity movers, for example).

3. Income Multiples

The 3.5× income limit still applies. If you’re borrowing €320,000, you need a gross income of at least €91,428. The previous mortgage doesn’t create an exception.

4. Property Valuation

The new property must be valued by the lender’s surveyor. If the valuation comes in below the purchase price, you’ll need to cover the shortfall from your own funds.

5. Legal Work

You’ll need a solicitor to handle both the sale of your old property and purchase of the new one. If there’s a timing gap, bridging finance might be necessary.

Bridging Finance Scenarios

Sometimes the sale and purchase don’t align perfectly. You might need your sale proceeds to fund the new deposit, but the new property is available before your current home closes. Bridging finance covers this gap.

Closed Bridging

You have a confirmed sale contract on your current property and a purchase contract on the new one, but the closing dates don’t match. Bridging covers the gap, secured against your current property.

Typical terms:

• Duration: 1–6 months
• Interest rate: 5%–7% (higher than standard mortgages)
• Arrangement fee: 1%–2% of the loan amount

Open Bridging

You’ve found and want to buy the new property but haven’t yet sold the current one. Open bridging is riskier for lenders and harder to obtain. Most lenders won’t offer it unless you have substantial other assets.

Alternative: If you have significant equity in your current property, some lenders will provide a standard mortgage on the new property before the old one sells, holding both as security until the sale completes.

Switching Lenders When Moving Home

Moving home is an ideal time to switch lenders if your current one isn’t competitive. You’re already going through the full application process, so adding a lender switch adds no extra hassle.

Benefits of Switching

• Access to lower rates: new lenders offer better rates to attract customers
• Cashback offers: some lenders provide cashback of 2%–3% of the loan amount
• Better terms: improved flexibility, lower fees, or better top-up options

Costs of Switching

• Legal fees: €1,500–€2,500 for the new lender’s solicitor (sometimes covered by cashback)
• Valuation fee: €150–€250 (also sometimes covered)
• Break fee on your old mortgage (if applicable)

When switching makes sense:

• Your current rate is 0.5%+ above market rates
• You’re on a variable rate with no break fee
• A new lender’s cashback exceeds your switching costs

When to stay:

• You hold a tracker mortgage (almost never worth giving up)
• Your current fixed rate is better than available new rates
• Break fees exceed any savings from switching

Negative Equity Situations

If you’re in negative equity—where your outstanding mortgage exceeds your property’s current value—moving home becomes more complicated.

Options:

1. Negative equity mortgage: Some lenders offer negative equity mortgages where they’ll carry over the shortfall to the new property loan, though this is rare and requires strong income
2. Make up the shortfall: Use savings or other funds to clear the negative equity before moving
3. Wait: Stay in your current property until values recover or you’ve paid down enough principal to reach positive equity

Central Bank rules require lenders to assess negative equity movers carefully. You’ll need strong income, stable employment, and the new property value must support the combined loan.

Tax and Stamp Duty Considerations

Stamp Duty on the New Property

As a mover (not a first-time buyer), you’ll pay stamp duty on the new property at 1% up to €1 million, 2% on the portion above €1 million.

Example:

• New home price: €475,000
• Stamp duty: €4,750

First-time buyer exemptions don’t apply.

Capital Gains Tax

If you’ve rented out your current property at any point, you might face capital gains tax on a portion of the gain when you sell. Principal private residence relief covers the periods you lived there, but rental periods are taxable at 33%.

Timeline for Moving Home With a Mortgage

Typical timeline:

1. 1–2 months before: Get mortgage approval in principle for the new property; request break fee quote from current lender
2. Property identified: Make offer, negotiate, sign contracts
3. 4–6 weeks before closing: Full mortgage application submitted; property valuation completed
4. 2–4 weeks before closing: Mortgage approval issued; solicitor begins legal work
5. Closing day: Old mortgage closes, break fee paid (if applicable), new mortgage drawn down, sale and purchase complete simultaneously where possible

Buffer: Build in at least 2–3 weeks of buffer time. Delays in the sale chain, legal work, or mortgage processing are common.

Making the Decision: Stay or Switch?

Stay With Your Current Lender If:

• You have a tracker mortgage
• Your current fixed rate is below market rates and time remaining is short
• Break fees exceed €5,000 and you’re not borrowing much more
• Your current lender offers competitive rates on the new mortgage

Switch Lenders If:

• You’re on a variable rate with no exit fees
• New lenders offer rates 0.5%+ lower
• Cashback and incentives offset switching costs
• Your current lender’s rates are uncompetitive

Work With a Broker If:

• You’re unsure which option costs least
• You hold a tracker and need to understand preservation rules
• You’re in negative equity or have complex income (self-employed, contractor)
• You want to compare all lender options without multiple applications

Practical Steps to Take Now

1. Request break fee quote: Get this in writing from your current lender, valid for 30 days
2. Check your mortgage terms: Confirm whether you’re on fixed, variable, or tracker and what protections apply
3. Get approval in principle: Apply with your current lender and one or two others to compare offers
4. Calculate total costs: Include break fees, legal fees, valuation, and stamp duty; compare against rates and cashback
5. Speak to a broker: Independent brokers can access all lenders and often negotiate better terms
6. Review timeline: Ensure mortgage approval, sale, and purchase can align without needing expensive bridging

Common Mistakes to Avoid

Assuming porting exists: Don’t expect to transfer your current deal. Plan for a new application.

Giving up a tracker: Unless absolutely unavoidable, preserve a tracker mortgage. It’s almost always your best rate over the long term.

Ignoring break fees: Get the exact figure before committing to sale contracts. A €10,000 break fee changes your budget.

Underestimating costs: Legal fees, stamp duty, and moving costs add up. Budget €8,000–€12,000 beyond the deposit for a typical move.

Missing switching opportunities: If you’re going through the full process anyway, compare all lenders. You might save €3,000–€5,000 per year.

See also: Breaking a Fixed Rate Mortgage | Switching Your Mortgage in Ireland | Tracker Mortgage Ireland | Mortgage Approval in Principle Ireland | Best Mortgage Lenders in Ireland