Thinking of moving?
Here's what you need to know about porting your mortgage
If you’re an existing customer with a current mortgage, you may be able to port your mortgage to a new property. This means transferring your existing mortgage product, including its interest rate and terms, to your new home, subject to our lending criteria.
As an existing customer:
- You may be able to request to port your current mortgage product when moving home.
- Porting is subject to affordability checks, property valuation, and our current lending criteria.
- You can apply to transfer your existing product to your new property, retaining your existing rate and preventing early repayment charges (ERCs).
Porting and Early Repayment Charges (ERCs)
An ERC may apply if:
- You repay your mortgage in full without porting.
- You choose a new mortgage product instead of porting your existing one.
- The sale of your current property and the purchase of your new one do not happen at the same time.
Any ERCs paid at redemption may be refunded if you redeem your current mortgage and:
- Complete your new mortgage within three months of the redemption date of your original mortgage.
- Port your existing product to the new property.
Important to note
Your original product end date will remain unchanged. Any gap between redemption and completion will not extend the product term.
If you choose to proceed with a new mortgage product instead of porting:
- The ERC will be charged and not refunded.
Summary
| Scenario | ERC Charged? | ERC Refunded? | Product End Date |
|---|---|---|---|
| Simultaneous sale & purchase with porting | No | N/A | Unchanged |
| Sale completes before purchase, but new mortgage completes within three months from the date of redemption of the original mortgage and product is ported | Yes | Yes | Unchanged |
| Sale completes before purchase, new mortgage completes after three months from the date of redemption of the original mortgage and product is ported | Yes | No | Unchanged |
| Sale completes, new mortgage on a new product | Yes | No | Change in line with new product end date |
Contact us
If you’ve got any questions, give us a call on 01858 412412. Alternatively please email directmortgages@mhbs.co.uk, and our mortgage team will be happy to help.
