If you’re one of our existing mortgage customers and you’re thinking of buying a new property, you may be able to apply to take your mortgage with you.
This is called ‘porting’ – transferring your existing mortgage to your new home. It can only be used when you buy a new property, not to remortgage a property you already own.
Porting involves repaying (or ‘redeeming’) your existing mortgage - and then resuming it on your new property, within a maximum of 6 months between redemption and completion.
If you’re moving home, it’s one less thing to worry about because the terms of your mortgage will stay the same.
Porting your mortgage is not quite as simple as just changing your address – in fact, it’s the same process as applying for a new mortgage – so set aside between 45 minutes to 1.5 hours when you call us.
Check if your mortgage is portable
Most of our mortgages are portable - check the terms and conditions of your mortgage to find out. Or call us on 0800 121 6263 as soon as you start to think about moving home.
Transferring all, or part of, your mortgage
As long as the terms of your mortgage allow, you’ll be able to apply to port your entire existing mortgage. If you’d like to take the opportunity to pay off some of the mortgage (for example, if you make a profit on the sale), that’s fine too. You may be liable for early repayment charges, contact us to find out more.
As well as porting the total amount outstanding, you may be able to borrow up to a further £5,000 on your existing mortgage if you can afford to. This is subject to our lending criteria and the maximum Loan to Value allowed on your mortgage.
If you want to borrow more than £5,000, this may be possible (subject to our lending criteria and the terms and conditions of your mortgage). We’ll take you through the same process and ask you the same questions as if you were applying for a new mortgage. All additional borrowing will be on a separate sub-account. If you’ve borrowed more money or split your borrowing across different mortgages in the past, your mortgage will have sub-accounts. Each one may have different terms and conditions.