Moving house (porting)
If your client has a mortgage with us, they can transfer the mortgage to another property providing certain criteria is met. They will have to have an advised appointment with us and should call 01752 236550 to check affordability and make an appointment.
If your client isn’t reducing their mortgage balance when they move property, an early repayment charge (ERC) won’t be applied. If your client needs to borrow more to buy their new property we can consider this at the same time.
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 may be reduced if there is any of the following
- Interest Only lending
- New house or flat
- 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 we will treat this as a completely separate arrangement. An early repayment charge will have to be paid.