Moving your mortgage to a new property

Here at Canada Life we understand that sometimes life changes, and you may want to move house. This could be because you want to downsize, or because you want to find a new home which is more appropriate for your needs. When this happens, and you want to take your lifetime mortgage with you, we call it porting.

If you’re considering moving house, it’s important that you let us know as soon as possible so that we can confirm whether you’ll be able to transfer your lifetime mortgage. We’ll also help you to start a porting application.

You can find out more information about porting your lifetime mortgage below, or alternatively you can download our Guide to Porting. If you would like us to send you a printed copy of our Guide to Porting, please let us know.

If you decide to move home, you can choose whether to keep your lifetime mortgage with us.

Our lifetime mortgages can be repaid at any time, so if you choose not to keep your lifetime mortgage you can contact us and arrange to settle your outstanding loan balance.

If you would like to keep your lifetime mortgage, you will be able to transfer the loan with the same Terms & Conditions, subject to the new property meeting our lending criteria.

To be eligible to port your lifetime mortgage, you and your new property will need to meet some key requirements, the most basic of which are:

  • You can’t have entered into bankruptcy or an involuntary arrangement since your lifetime mortgage started
  • Your new property needs to meet our current lending criteria at the point of application

Our Customer Services Team can help you understand whether your new property would be acceptable to us. You can find out more information about our lending criteria in our Porting Application Form, but some points to consider are:

  • The property can’t be in poor condition
  • If you’re moving into a flat, the service charge must meet our criteria
  • If you’re moving into sheltered accommodation, the amount that you can borrow may be reduced
  • If you’re moving into a leasehold property, the unexpired lease must meet our criteria
  • If the property is next to shops, pubs, restaurants, a school or office blocks, it may not meet our criteria

If your new property is of a lower property value than the selling price of your current home, you may need to repay some of the mortgage. We won't charge you an early repayment charge if you need to make a repayment for this reason, and your solicitor will explain it in more detail. If you have a cash reserve facility, it may be reduced or removed if you move to a property with a lower value too.

If your new property is a higher value, you may be able to increase the amount which you borrow. You will need to speak to a financial adviser if you wish to do this. They will be able to talk you through the options available to you in more detail.

If you would like to find out whether moving property will impact your lifetime mortgage, please contact our Customer Services Team. They will be able to give you an indicative illustration.

You should contact us as soon as you’re considering moving house. We’ll then be able to explain the next steps in more detail, and help you start a porting application.

You can also find out more about the process, and the associated fees, in our Guide to Porting.

The porting application will run alongside your property purchase and we’ll liaise with your solicitors to ensure that the purchase and the port complete on the same day. At that point, we'll simply remove the charge we hold on your current property, and put a charge on your new property.

Our Customer Services Team will be able to answer any additional questions you may have about porting.

You can contact us in the following ways:

  • Call: 0800 068 0212
  • Email:
  • Post: Customer Services Team, Canada Life, 110 Cannon Street, London, EC4N 6EU

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.