Moving home

You might be able to take your current mortgage rate with you when you move. This is known as ‘porting’. You can apply to move your current balance and interest rate to a different property. You’ll close your existing mortgage account and open a new one with the same rate.
 
You may want to keep your existing mortgage rate if it’s lower than other rates you can choose from, or there’s an Early Repayment Charge (ERC) to pay.

What are my options?

If you’re on a fixed rate, with an ERC you have three choices:

1. Your new mortgage starts on the same day you sell your old property. You won’t have to pay an ERC as long as we have a completed ERC waiver form
2. Your new mortgage starts within three months of selling. You’ll pay the ERC, but we’ll refund this as long as we have a completed ERC waiver form. The ERC will be automatically refunded within 20 working days of your new mortgage account starting
3. Apply for a new mortgage rate on the new property. You’ll pay off your existing mortgage and the ERC. The ERC won’t be refunded.

You won’t have to pay an ERC if your fixed rate has already ended.
 

It’s important to remember:

• Don’t pay off your existing mortgage until we have your signed application
• You won’t get a refund of any ERC you’ve paid if you move after three months. You’ll also lose your existing rate so will have to apply for a new mortgage.

I’m unsure which option to choose?

Our mortgage advisers can help you understand the best option if you’re a homeowner with us. We don’t give advice on Buy to Let mortgages.

What are the next steps?

When you’re ready, get in touch and we’ll start your application over the phone.

You’ll need details about your income and how much you pay towards childcare, loans, credit cards, or any other credit commitments you have.
 

Before you look at borrowing elsewhere, why not talk to us first to see if we can help.

We’ll assess your current circumstances to make sure borrowing from us is right for you. You’ll need to confirm:

• Your personal income
• Your current rental income if you’re a landlord
• How much you think your property is worth
• Your financial outgoings. Please tell us how much you pay for:
  • Childcare
  • Maintenance
  • School fees, and
  • Any credit commitments you have such as loans, credit cards and overdrafts. We’ll need to know how much you owe on these too.

You’ll find it’s worth having these details to hand before you speak to us. This will help make the process quick and easy.

Book a call for a time that suits you or when you’re ready, give us a call.

*Visit our accessibility support page to call using a British Sign Language (BSL) interpreter. To call using text Relay, dial 18001 then the number you want to call using a textphone or the Relay UK app. All calls are recorded for training and monitoring purposes. Lines are open 9am to 5pm, Monday to Friday. We’re closed on Bank Holidays. 03 calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

If your new property is more expensive or you want to make some home improvements, you can borrow more on a different interest rate. We’ll assess your circumstances and make sure you can afford the new amount. This means you’ll have two parts to your new mortgage, one part on your ported rate and a second part to cover the extra amount on a new rate. Everyone named on the mortgage must meet our lending policy.

Use our calculator to see how much your new mortgage payment would be if you want to borrow more.
 

• Will I be credit scored when I apply to move my mortgage?

  Yes, we’ll check the credit score of everyone applying for the new mortgage once we receive your completed application. This will show on your credit record.

• What if my application doesn't meet your lending policy?

  You can keep your current mortgage or speak with an independent financial adviser about your options. You’ll have to pay any ERC and fees due if you pay off your mortgage with us and take out a new one with a different lender.

• What costs should I expect when I move my mortgage?

  You’ll find details of any fee’s you need to pay in your original mortgage Offer and your redemption statement. This will include any ERC, lending fee or mortgage release fee.

  You may need to pay other fees when setting up your new account, including:

  • Solicitor fees
  • Valuation costs
  • Stamp Duty Land Tax (SDLT)
• What is an ERC waiver form?

  An ERC waiver form is a document which needs to be filled in if:

  • Your mortgage is on a fixed rate which you’d like to keep
  • You’re buying your new property within three months of selling your current one.

   
  Having this form means you won’t be charged an ERC or you’ll get a refund.

  We’ll send the form to your conveyancer after your mortgage is approved. They must return it at least one week before you buy your new property. They can visit our solicitors page for details or to get a new copy.

• What if I can’t sell and buy on the same day?

  You can apply using our non-simultaneous porting policy. This means:

  • We need your application before you sell your current property
  • You’ll pay any ERC and fees that are due
  • You then have three months to open your new account
  • We’ll automatically refund your ERC within 20 working days.

   
  You won’t get a refund and will need a new mortgage deal if you don’t buy within three months.

• Can I move less than my full mortgage?

  Yes, if it meets our lending policy and Loan to Value rules.
  
  You’ll have to pay an ERC on the difference if you want to borrow less if your mortgage is on a fixed interest rate.
  
  Example: Your existing mortgage is £100,000 with an ERC of 2%. You’re moving £90,000 to your new property. You’ll pay 2% on the £10,000 left over which means you’ll pay an ERC of £200.

• Can I move my mortgage more than once?

  Yes, as long as the amount is at least £1,500 and you’ve made your first payment on the new account. You must apply each time you want to move.

• Can I move my residential mortgage to a rental property?

  No. Each type of mortgage has different rules:

  • Residential mortgage you must live in the property
  • Buy to Let mortgage, you must let out the property.

   
  If you want to change the type, you’ll need to apply for a new mortgage. For example, if you want to move into your rental property, you can apply to switch your Buy to Let mortgage to a residential mortgage. You’ll need to pay any ERC if your current deal is fixed.

• Will my monthly payment stay the same?

  Not always. It may change slightly due to:

  • When your new mortgage starts
  • Whether you round the length of your mortgage up or down, as your new mortgage can only be in full years
  • If your mortgage needs to be changed so it meets our current lending policy. For example, how your mortgage is split if it’s on repayment and interest only.
• What if I’ve missed payments on my mortgage, loans or credit cards?

  We may still be able to port your rate. Please get in touch with us.
  
  Visit our help and support hub if you’re worried about paying your mortgage.