Porting

You won’t be eligible to port your client’s existing mortgage to a new property if: 

• the new property is outside of England and Wales
• your client does not meet our lending criteria when you apply to port their mortgage
• you are looking to transfer the mortgage onto a property that your client already owns
• your client has chosen not to transfer their mortgage on its existing terms 

If the rate is due to end in the next 6 months, we can waive the ERC on application of the new mortgage. 

No, a new application will need to be made on a new rate. 

Yes, this will be chargeable on redemption of the current property. 

Please get in touch with your local BDM or the helpdesk to discuss this request. 

Yes, if it’s a like-for-like application. For JBSP to non-JBSP, please get in touch with your local BDM or the helpdesk.

MSO will not allow you to port a mortgage with Consent to Let to another property.  

This is because Consent to Let is a temporary status provided to clients who need to let out their main residential home.  

If the client does not plan to return to the property, it should be changed to a Buy to Let mortgage.  

However, if the client is purchasing another residential property that they intend to live in as their main residence, then we can allow them to take the residential mortgage with them. The existing property would either need to be sold or converted to a Buy to Let. 

Yes, subject to affordability. 

We use the latest acquisition rates if your customer wants to borrow more.

We treat this as a new purchase, so all porting applications are dependent on our lending criteria. 

5 years.

This is not available on MSO. You will need to contact our rate switch team on 0330 333 4030. 

5 years.

The early repayment charge is usually set out in the mortgage offer. The ERC amount depends on the amount you are reducing the original product by. 

In this instance, please contact your local BDM, who will look to get an exception for you.

The ERC will be refunded within 14 days of completion to the new loan. The new property and mortgage must be fully completed within 6 months of redemption of the old mortgage for an ERC refund. 

No, this can’t be done.