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Customers with long term fixed rates of between 10 and 25 years can, subject to credit assessment, take their outstanding balance on their current fixed rate with them when moving to a new main home.
You can apply to exercise this option once you are (1) at least 3 years into your fixed rate term and (2) not in the last 12 months of your fixed rate term.
Anne and John have had a second child, and they want to move out of their 2-bed house to a larger property. They are 10 years into a 20-year fixed rate with Finance Ireland and have €100,000 still to pay on their mortgage. They need total borrowings of €300,000 to make the move.
Normally they’d have to break their fixed rate to take out a new loan and this could lead to an early repayment charge. Anne and John can instead move or ‘port’ their existing balance and fixed rate over to their new home and avoid any early repayment charge that might otherwise have applied.
This ‘ported’ portion will look exactly like the loan they have today – €100,000 at their current fixed rate, with 10 years still to run. The extra €200,000 they need to buy the new house will be arranged as a separate loan. At the end of the process they will have two separate mortgage loans on their new home.
Mary wants to trade down from her 4 bedroom property to a 2-bedroom serviced apartment. Mary is 5 years into a 10 year fixed rate and has €250,000 still to pay on her current mortgage.
The new apartment has a purchase price of €200,000 and Mary can have a maximum loan of up to 90% of the value of the apartment, in this case €180,000.
In this case Mary can still port her fixed rate to the new property but will have to part-redeem the €70,000 difference between her current fixed rate balance and the maximum loan she can have on the new apartment, less a 10% penalty-free lump sum repayment allowance. Here Mary will redeem €70,000 (less her €25,000 lump sum allowance) to bring the balance down to the required €180,000 maximum. This may generate an early repayment charge on the redeemed portion.
Once in her new apartment, Mary’s will have one loan with the same rate and term as before, but the balance outstanding will be €180,000 as opposed to the €250,000 she owed beforehand.
Our mortgages are available exclusively through a network of appointed mortgage brokers. To apply to port your fixed rate to a new property, please contact an appointed mortgage broker who will make an application on your behalf. A full list of appointed brokers can be found here.
Please Note: Applications are subject to full credit assessment and prevailing credit criteria at point of application. As a home mover, you can borrow up to 3.5 times your income(s) and up to 90% of the value of the new property. Please note that the ‘ported’ portion plus any new borrowings cannot exceed 90% of the value of the new property. The ‘ported’ portion will be that balance outstanding on the original loan at the date of completion of the new property.
