Mortgages

Taking your mortgage deal with you

As an existing customer, when you’re ready to leave your current home for pastures new, you can apply to take your current mortgage deal with you subject to you meeting ourlending criteria.

How does it work ?

Here's a breakdown of your options:

• I want to borrow some more
  When you’re looking to move properties and want to borrow more than you owe on your existing mortgage, you can apply to borrow the extra that you need on one of our current mortgage products. The whole of any Early Repayment Charges which you have to pay can then subsequently be refunded to you.
• I want to borrow the same amount
  If you’re looking to move properties and do not need to borrow more than you owe on your existing mortgage, we can again refund any Early Repayment Charges which you have to pay.
  Example: If the portable amount of your existing mortgage is £50,000 and you want to borrow £50,000, we'll refund you 100% of the Early Repayment Charges.
• I'm borrowing a bit less
  If you’re looking to downsize your property or the size of your mortgage, you will still have to pay any Early Repayment Charges which are due. However, we can refund part of any Early Repayment Charges paid on a pro-rata basis. 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.
  
  When downsizing, your new LTV must not exceed your current LTV or the original LTV of the product (whichever is the higher).
• I've sold my property but haven't found a new home
  You must pay any Early Repayment Charges due. If you subsequently complete the purchase of a new home within 6 months of redemption of your previous mortgage, then these charges will be refunded back to you. If you have borrowed less than you owed on your previous mortgage, then these charges would be refunded back to you on a pro-rata basis.
• If you have a joint mortgage with someone
  and you're now going your separate ways, you'll each be entitled to apply to borrow up to 50% of the amount of your previous mortgage on a new mortgage in your own name. You'll each also be entitled to 50% of any refund of Early Repayment Charges paid.

Important Note

In order to qualify for a refund of Early Repayment Charges when exercising portability, the portable amount must be taken on the same product terms, you must complete the new mortgage within six months of paying off your existing mortgage, pay any relevant fees (e.g.valuation fees) and move to a property in England, Wales, Scotland or Northern Ireland.

Buying a new home

It can be a stressful and confusing time but our homebuyer checklist could help you through the process.

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Mortgage help

• Our lending criteria
• The application process
• Your mortgage payments
• Fees and other charges

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