What we can offer
If you're moving home and keeping your mortgage with us, you’ll need to complete a mortgage application for the property that you’re buying. In most cases, you’ll sell and buy on the same day. You have 2 options to choose from: keep your current mortgage deal, or get a new one.
Option 1: Keep your current mortgage deal
When you move home and take your existing mortgage deal with you, this is known as ‘porting’ your mortgage. You can apply to port your existing deal if you’d like to borrow more, borrow the same amount, or less.
If you need to borrow more
You port your current deal to your new mortgage. You then choose a new deal for the extra amount you need to borrow.
For example, if your current mortgage balance is £100,000 but the total amount you need to borrow is £150,000, then £100,000 will be on your current deal, and you’ll pick a new deal for the extra £50,000.
Borrow the same or less
You port your current deal to your new mortgage. If you borrow the same amount, you won’t pay an early repayment charge (ERC). If you borrow less, you pay part of the ERC. Please note that ERCs only apply to fixed rate mortgages, not tracker rates or Standard Variable Rate.
For example, if your current mortgage balance is £100,000 but the total amount you need to borrow reduces to £75,000, then you'll be borrowing £25,000 less than you currently owe. This means you'll pay an ERC on £25,000.
Option 2: Get a new mortgage deal
If you have less than 6 months left on your current deal, you can choose a new deal for the whole amount you need to borrow. You won't pay an ERC if you're borrowing the same amount as your current mortgage, or borrowing more. There will be an ERC if you're on a fixed rate and you borrow less.
If you have more than 6 months on your current deal, you'll have to pay the full ERC that applies.
If you’re selling and buying on different days
You can choose either of the above mortgage deal options. If you sell and buy on different days, you’ll need to pay the full early repayment charge amount. If you buy your new home within 3 months of paying off your previous mortgage (6 months if you're buying a new build property), we'll automatically send any refund due within 4 weeks of the date your mortgage completes. If you don't complete on your new mortgage within these timescales, then you won't be able to port your existing mortgage deal to your new home and any ERC you've paid won't be refunded.
If you have a Flexible Offset mortgage and want to keep your rate and other features, you must sell and buy on the same day.
YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Applications are subject to status and lending criteria. Applicants must be UK residents aged 18 or over.