Porting.

It's sometimes possible to take a product rate with you to a new mortgage, we sometimes call this porting.

 Your Mortgage Illustration and offer letter will say if any of your products rates can be taken to a new mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.


What does ‘Porting’ mean?

If we say you can take your product rate to a new mortgage, also known as ‘porting’, this means taking a product and the early repayment charge with you to another mortgage with the same lender. If the lender has more than one brand (e.g. Halifax, Bank of Scotland), it means keeping your mortgage with the same brand.

You may be able to take the product and early repayment charge to the new mortgage for the amount you currently owe on that product. If you're borrowing more, you'll need to have a new product for the extra amount you borrow.

If you're borrowing less than the amount you owe on the product you're taking and the offer you have for your old mortgage says there is an early repayment charge, then you'll have to pay an early repayment charge on the difference.


When will I not be able to take the product rate to a new mortgage?

You can only take your product rate to a new loan if your offer letter says so.

The product rate can only be taken to a new loan while the product rate period(s) applies. You can't take your product rate once you're paying interest at the lender variable rate that applies to that part of your mortgage.

We'll decide whether to offer you a new mortgage based on our lending policies at the time you apply. If we don’t offer you a new mortgage, you can't take your product. Also, if you repay your existing mortgage, you'll still have to pay early repayment charges.


What if I start my new mortgage before I repay my existing mortgage?

If you intend to sell your current property but you can't take out a new loan and repay your existing loan at the same time, you can ask permission to have two loans with us for a short time.

We'll agree to this if we think you can afford to pay the monthly payments on both loans. You may take your existing product rate to the new loan but you'll have to transfer your existing loan to the lender variable rate that applies to it until the sale is complete and you've fully repaid the loan.

This is a concession and it may not always be available, so please ask about it when you apply for your new mortgage.


What if I repay my existing mortgage before I apply for a new mortgage?

If you sell your property but are not yet ready to buy another, you will need to repay your existing mortgage. This means you will have to pay any early repayment charges that apply. However, if you apply for a new mortgage with us within three months of repaying your existing mortgage, you can take your old product rate with you to your new mortgage. Once your new mortgage has started, you can apply to us for a refund of the early repayment charge.

This is a concession and it may not always be available, so please ask about it before you sell your property.


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