Portability rules

Your current interest rate is the rate of interest applied to your mortgage before it switches to our Standard Variable Rate of interest.  

Your current interest rate is portable to another property in England or Wales if you port the mortgage before the date your preferential interest rate ends. You must also: 

• Submit a new mortgage application. 
• Ensure you and your new property meet our current lending criteria. 
• Transfer your mortgage loan on it’s existing terms. 
• Understand that any incentives attached to your current mortgage, including free valuation, cash back facility or no legal fees don’t apply to your new mortgage account on porting.

Please note, you cannot port a mortgage on the same interest rate if you already own the new property.

If you want to borrow more money, you must select another mortgage from our range at the time. The terms of this new mortgage will apply to the additional borrowing. 

The amount you transfer to your new property can be less than the mortgage balance left to pay at the time of transfer. This is only if you agree to pay a pro-rata Early Repayment Charge for the part of the balance not being transferred. 

To transfer your current interest rate to another property, you must: 

1. Close your existing mortgage account and 
2. Open a new mortgage account with us 
3. Ensure your mortgage account achieves legal completion within 6 months of the date you repaid your existing account in full

Your new mortgage account’s interest rate and any Early Repayment Charge (ERC) linked to it only applies for the time that your current interest rate and any ERC applied to the mortgage account you closed. 

If you transfer your current interest rate, you must pay an Early Repayment Charge (ERC) on closing your existing mortgage account, unless this occurs at the same time as legal completion on your new property. Your solicitor must inform us if closure and completion are happening at the same time. If they don’t inform us, you’ll have to pay an Early Repayment Charge. 

If you comply with the rules for transferring your mortgage, we’ll refund any Early Repayment Charge you have paid for your closed mortgage account. This may be reduced on a pro-rata basis to reflect a reduction in the amount borrowed on the new mortgage account