Porting

Helping your clients move their mortgage to a new property

If your client has a residential mortgage with us, things don't have to change when they’re moving home. When they move to a new address, they can also port their mortgage deal. We also have options available if your client needs to borrow more as part of their move to a new home – they can top up the difference between the existing mortgage deal and a new deal with one of our current mortgage products.

How does it work?

1

Before you apply you will need to speak to one of our friendly mortgage advisers on 0345 1200 891 (Mon to Fri: 8am-8pm, Sat 9am-1pm) to obtain a Key Facts Illustration (KFI) which is required before you can proceed any further with the application. We’ll aim to email the KFI to you within 24 hours.

2

Once you receive the KFI from us, download the portability application form. You’ll need to complete this by hand and post it to our underwriting team at the following address along with any supporting documentation (relating to your client’s income or affordability, if necessary): Variations Team, Accord Mortgages, PO Box 1145, Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ

3

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.

Important information: Your mortgage application cannot be processed until you have spoken to a mortgage adviser to obtain a Key Facts Illustration (KFI)

Porting an Interest Only mortgage

If any part of your customer’s mortgage is on interest only, they can maintain their interest only status 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

Any top up borrowing can be on a capital and interest repayment basis, an interest only basis or part capital and interest, part interest only basis.

Please be aware that different criteria apply for interest only mortgages. Please see our lending criteria for further information.

Where the applicant chooses to add the Product Fee to the mortgage at completion, we will not include this in the LTV calculation.


Criteria for porting an Accord Mortgage

All portability top-ups are subject to product criteria, including minimum loan size, maximum LTV, product fee and credit score.

Mortgage Payment History

Prime Borrower - top up not required: The last 3 months mortgage payments must have been made and there must be no more than 2 mortgage payments currently outstanding.

Prime Borrower - top up required: There must be no missed payments within the last 12 months AND no more than 1 missed payment within the last 24 months.

Credit Repair Borrower - top up not required: The last 3 months mortgage payments must have been made and there must be no more than 2 mortgage payments currently outstanding.

Credit Repair Borrower - top up required: 0 missed payments in the last 24 months and would qualify for a Prime top up product subject to the whole application meeting Prime criteria.

Early Repayment Charges (ERCs)

Any ERCs must be paid by the customer and these will be refunded if the customer returns to Accord within 6 months of the date of redemption.

Where a mortgage has more than one part, each individual part is subject to its own ERC. Where a product has expired between redemption and completion of the new loan, the customer must choose a product from the current range and the ERC will still be refunded (subject to completion being within 6 months of the original redemption).

Valuations

In all cases a new valuation will be carried out for all portability applications, regardless of whether a top-up product is required to determine the new loan to value (LTV) of the lending. A non-refundable standard valuation fee is payable for this, and this fee will automatically be added to the mortgage account and interest charged on this daily. Borrowers can send a cheque for valuation fee at the time the valuation is instructed to avoid being charged interest on the fee.

Product Criteria

Top-up products

You can choose from our current range of house purchase products for the top-up part. The overall amount of the mortgage (existing balance and top-up) must be more than the minimum loan amount for the top-up product. 

If you choose a product with incentives then the amount of the top-up must be £50,000 or more. If the amount of the top-up element is less than £50,000 you’ll have to choose either a product with no incentives or one of our portability only top-up products.

Self Cert

If the existing mortgage was self-certified, in order to have a top up product, the customer must provide income verification to cover the total debt. The top up product should be full status. A straight port (same or lower loan size and LTV) is allowed without income verification - subject to payment history.

Full Status

Where the original mortgage is on a full status product, the portability top up amount must also be on a full status basis, with income verification to support the entire loan.