What is a 'portable' mortgage?
A portable mortgage allows you to transfer your existing mortgage to a new property, for example when you move home. You can also port your mortgage when adding or removing a person on the mortgage. This is known as Change of Title or Transfer of Title.
Your mortgage offer will tell you if your mortgage is portable.
Why might you want to port your mortgage?
Porting your mortgage may help avoid paying any Early Repayment Charges (ERC) linked to your Fixed Rate mortgage. It also allows you to keep your current interest rate.
I want to port my mortgage, what do I need to do?
To port your mortgage, you must have a new offer from us before you sell your old home. Please contact your broker, or us, to arrange an appointment.
Being able to port your mortgage is subject to our lending, affordability and eligibility criteria.
You can read our Home Loan General Offer Conditions here.
What happens if I'm selling and buying on the same day?
If we have given you an offer to port your mortgage, we won’t charge you an ERC if the sale of your old home and the purchase of your new one, complete on the same day.
What happens if I'm selling and buying on different days?
If the sale of your old home completes before the purchase of your new one, we will charge an ERC when we close your old mortgage. However, if the purchase of your new property completes within the 180 day offer period, or before the fixed rate ends (whichever is sooner) we’ll refund the ERC.
When you port your mortgage, the outstanding mortgage amount, the interest rate and the end date of the fixed rate, all stay the same. You can’t change these but you may be able to change the outstanding term.
You may need to borrow more to help you move home. For example, if your current mortgage is £100,000 and the total amount you need to borrow is £150,000, you’ll need an additional mortgage of £50,000.
Any new borrowing is at rates available on the day of application and subject to our lending, affordability and eligibility criteria.
If you are interested in porting your mortgage please contact your broker, or us on 0800 032 5501.
Your home may be repossessed if you do not keep up repayments on your mortgage