Moving home (Porting)
If you have a mortgage with us, you may be able to transfer the mortgage to another property when you move providing certain criteria are met. This is known as porting your mortgage.
Assuming you aren’t reducing your mortgage balance when you move property, you won’t pay an early repayment charge (ERC) on your mortgage. If you need to borrow more to buy your new property, we can also consider this.
Key things to consider when porting:
- You need to have completed your new mortgage at least 6 months before applying to port your mortgage
- If you don’t complete the purchase of your new property on the same day as redeeming this mortgage, you will be asked to pay an ERC. However, as long as you complete your new mortgage with us within 6 months of redeeming, we will refund your ERC.
How much can I borrow?
We can normally lend you up to the maximum of your original LTV percentage, or 90% of your new property value. Please note, that further restrictions can apply based on additional factors such as loan size, and loan purpose. Please call us to discuss your options and what could be available to you, based on your individual circumstances. Please also note, 90% is not available for Buy to Let customers.
The amount you can borrow may be reduced for these reasons:
- If you have any Interest Only lending
- If it's a new house or flat
- If you own other property, for example Buy to Let properties.
It’s also important that your mortgage remains affordable, so we’ll discuss your situation with you, assess your needs and affordability, and only offer a mortgage that we think is suitable based on this.
How much will it cost?
We usually charge a fee to transfer your mortgage to another property (see tariff for details), and there will be extra costs to consider. These can vary, but other costs might include instructing a solicitor, stamp duty, a valuation, and the moving costs.
If you want to borrow more at the same time, your rate will be linked to a base rate tracker product. You should contact us at the time you are interested to determine what your options will be.
You can call us on 01752 236550 to discuss your options and how much it might cost.
When should I contact you?
It’s best to let us know at the beginning. Speak to us when you start looking for a new property, this way we can give you an indicative amount that we will lend to you.
Once you’ve found a property that you’re interested in, contact us again. We’ll already have most of your details, but it may take us some time to update them.
For residential mortgages, one of our mortgage advisors will talk to you about your current situation, and any future changes you expect.
They will then make a recommendation about what product and terms are most suitable for you, and talk you through the rest of the mortgage journey. Your adviser will be happy to help you and answer any questions you might have.
Do I have to buy my new home and sell my current one on the same day?
No, if you’ve sold your current home, but can’t (or don’t want) to move into the new one immediately, you have the option to switch your mortgage within six months.
If it's within the six month period, and it's subject to the conditions on this page, you should have your early repayment charge refunded when you complete the new mortgage.
Conditions for early repayment charges
When you take your existing mortgage to a new property, you will usually not pay any early repayment charges.
The instances where we would ask you to pay these charges are:
- If you pay off your old mortgage and don’t take up your new property immediately, we will charge you an early repayment charge on redemption, and refund it when you complete your new purchase, as long as the time between redemption and purchase is no longer than 6 months.
- If your new mortgage is smaller than your old one, there may be a pro-rata early repayment charge – so if you redeem a £100,000 mortgage, but your new one is for £80,000, you may pay an early repayment charge on the £20,000 difference. The charge amount will depend on your mortgage deal – you can refer to your original offer, or call us and we’ll be happy to work this out for you.
- If you decide (or it is recommended) that you don’t take your existing mortgage rate to a new property then we will treat this as a completely separate arrangement, and so you’ll pay an early repayment charge.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE