If you already have a residential mortgage deal with us, things don't have to change just because you're moving.When you pack up for your new address, you can move your current residential mortgage deal as well (this is also known as 'porting' your mortgage).
If you need to borrow more as part of your move to a new home you can apply to top up the difference between your existing mortgage and your new deal with one of our current mortgage products.
Important information - Please note that portability is not applicable to Buy to Let customers.
How does it work?
Follow the steps below to begin your Moving Home journey:
Once received, we will allocate your mortgage application form to one of our dedicated underwriters. Your underwriter will call you to discuss how we can issue a mortgage offer as soon as possible. They will also give you a direct contact number and email address so they can answer any questions you may have.
Whether you'd like to borrow more, the same amount or less, you'll first need to pay off your existing mortgage. Depending on the terms of your mortgage deal, this may include paying Early Repayment Charges. Some or all of these charges may be refunded when your new mortgage completes: So for example, if the portable amount of your existing mortgage is £50,000 and you only want to borrow £40,000, we'll refund you 80% of the Early Repayment Charges (£40,000 is 80% of your existing mortgage).
When transferring your mortgage as part of a home move, you will usually need to appoint a solicitor to look after your legal interests and ensure everything progresses to completion without any unnecessary hitches. Finding and appointing a solicitor is a two minute job using the Accord Mortgages Conveyancing Service . The service will generate you a list of exact quotes from the highly professional panel of over 200 solicitor firms and the service is completely independent. Simply enter your information and within seconds you will be presented with a list of solicitors and conveyancers.
Interest only mortgages
If you have an interest only mortgage and would like to move the mortgage to a new home, you can maintain the interest only status of your mortgage providing a suitable repayment strategy is in place. Acceptable repayment strategies include:
- Existing Endowment
- General Investments
- Pension Lump Sum
- Selling your main residence and downsizing
- Making overpayments
If required, additional borrowing can be taken on a Capital & Interest (repayment) basis, an Interest Only basis or a part Capital & Interest part Interest Only basis.
Please be aware that different criteria apply for interest only mortgages. Please see our lending criteria for further information.
It is important to ensure that you regularly review the adequacy and performance of your chosen repayment strategy. If all or part of your mortgage is on an interest only repayment basis, please be aware that making your monthly mortgage payments and compliance with the other terms and conditions of your mortgage contract will not ensure that the loan will be fully repaid at the end of the term.
Help to Buy Equity Loan Scheme
If your property was purchased under the Help to Buy Equity Loan Scheme and you still have an outstanding Equity Loan, you are able to port your existing mortgage deal providing the Equity Loan is repaid upon sale of your current property and you meet the rest of our criteria.
You are also able to port your existing mortgage deal to purchase a new property with the assistance of the Help to Buy Equity Loan Scheme.