What is porting?
You might have heard your friends or family talk about porting their mortgage. ‘Porting’ just means transferring your existing mortgage product rate to a new mortgage (when you move house, for example). If you have to pay an early repayment charge on your existing mortgage speak to us for further details.
To help you understand what’s what when it comes to porting, we’re here to explain how it works when you’ve got a mortgage with us – starting with the two most common porting situations:
I need to borrow more than my existing mortgage
If you need to borrow more money when you move house than your existing mortgage allows, you’ll need to apply for a top-up on one of our current rates to cover the extra amount.
I need to borrow less than the amount I owe on my existing mortgage
If you want to borrow less when you move house, then you won’t have to pay an early repayment charge on the difference between the the balance of your existing mortgage and the amount of your new mortgage.
When can I port my mortgage rate?
You can only transfer your existing rate to your new mortgage if you’re still within the fixed rate period, or if you’re on a tracker mortgage. If you have reached the end of your fixed period and you’re now paying interest at our standard variable rate, you cannot port your rate and you will need to apply for a new mortgage rate from those we have available at the time. Take a look at our current mortgage offers.
Of course, your circumstances might differ from the norm. We’ve answered a few of our most frequently asked questions below, but if you’re still unsure, just give our friendly mortgage team a call on 0800 470 8049 and we’ll help clear things up for you. Our Mortgage Team work: Mon to Sat 8am to 8pm and Sun 9am to 8pm.
I’m selling my house but I’m not ready to buy another just yet, what happens now?
When you sell your property before committing to buying another, this is known as a porting gap. You’ll need to repay your existing mortgage in full, including any applicable early repayment charge. But if you find a new property and draw down a new mortgage with us on that property within 6 months of repaying your existing mortgage, you might be able to port your old product rate. And once you’re all set up with your new mortgage, your early repayment charge will be automatically refunded to you.
What if I can’t get a new mortgage with you?
Your new mortgage application will be considered based on our lending policies at the time. If we don’t agree to lending you the money for a new mortgage, you won’t be able to take your product rate with you. And if you do repay your existing mortgage and take out a new mortgage with another lender, you will have to pay any applicable early repayment charge.