Moving house (porting)
If your client has a mortgage with us, they can transfer the mortgage to another property providing certain criteria is met.
Assuming your client isn’t reducing their mortgage balance when they move property, an early repayment charge (ERC) wouldn’t be applied. If your client needs to borrow more to buy their new property, we can consider this.
How much can be borrowed?
For Residential mortgages we can lend up to the maximum of the original Loan To Value (LTV) percentage, or 90% of the new property value, whichever is lower. This might be reduced if there is any Interest Only lending, or if it’s a new house or flat, or if the client has a BTL mortgage.
How much will it cost?
We usually charge a fee to transfer mortgages to another property (see tariff for details).
If we agree to any additional borrowing, this will be an amount negotiated with the client.
Conditions for early repayment charges
- If your client has paid off their old mortgage and doesn’t take up their new property immediately, there will be an early repayment charge on redemption. The charge will then be refunded when the new purchase is completed, as long as the time between redemption and purchase is no longer than 6 months
- If the new mortgage is smaller than the previous one, there may be a pro-rata early repayment charge
- If the existing mortgage is not taken to the new property, then we will treat this as a completely separate arrangement, and so an early repayment charge will have to be paid.