Some loans may allow security substitution, commonly called portability, keeping your existing loan structure while swapping the property that secures it. This is never automatic, and it’s never guaranteed by PolicyMatch or any broker: it’s subject to lender approval and the specific product’s terms every time.
Why it can be attractive
Portability can be useful if you like your current loan’s rate or features and don’t want to go through a full refinance when you move house. But it still typically requires the lender to approve the new property as security, the new property gets assessed much like a fresh application, just without necessarily changing the loan structure itself.
What genuinely varies
- Whether the specific product offers portability at all, many don’t
- Timing rules, how long you have between selling and buying the new security
- Whether the loan still needs to be reassessed and re-approved for the new property
- Any fee for the substitution
Don’t assume it carries over from a past experience
Not all loans offer portability, and among those that do, the process and conditions vary significantly. Confirm directly with your lender, in writing, before you rely on it, rather than assuming a past experience with a different lender or product applies here.
What to prepare
- Written confirmation from your lender that your specific product offers portability
- A clear timeline for your sale and purchase, checked against the lender’s portability window
- Updated income/expense evidence, since the new property will likely still be reassessed
Next step: see Portability in the Loan Feature Explorer, then talk with KartikKumar before assuming your current loan will simply move with you.