Buying a new home with us

We love having you as a member. And we’d love you to consider staying with us  when you move to  your new place. When you pack up for your new address, you may be able to move your current interest rate deal as well.

Moving your existing mortgage deal to a new home is called 'porting' or 'portability.'  Exactly how it works depends on the purchase price of your new home and your current mortgage. You can find out more about your portability options below.

What's on this page?

What would you like to do?

 

I'd like to borrow more

If you find a new home but you’re still within your current mortgage deal, you might be able to take your current mortgage deal with you. If this doesn’t cover the full amount needed, don’t worry, you can apply to top up the difference.

Infographic of houses
In this example the new property is £70,000 more. You would need to put in a deposit. The deposit could come from  the equity in your current property. You would then cover the rest of the new property price with a new mortgage part. This is sometimes called ‘topping up’.

Your new mortgage would be £220,000, this is made up of:
£150,000 borrowing on your current mortgage deal.
Plus an extra £70,000 borrowing on a new mortgage part. 
The £30,000 equity in your current property becomes the deposit on your new property. 

Depending on your circumstances, you could use less of the equity in your current home when buying your new home. If you do this, your loan to value will be higher. That usually means there will be fewer mortgage deals you can choose from.

 

I need to borrow less

Are you looking to downsize your property?  If you’re still within your mortgage deal and decide to borrow less, you may be able to reduce your mortgage deal and port it to your new property.
Infographic of houses
How much you sell your current home for will determine two things.
1
How much you need to reduce your mortgage by. 
2
How much you can contribute to the purchase of your new home.
In this example the new property is £50,000 less. You would have to reduce your mortgage amount to move it to the new property.

Your new mortgage would be £100,000, this is made up of:
£150,000 current mortgage balance minus £50,000, no longer needed.
Your £50,000 equity from your current property becomes the deposit on your new property.  

 

I need to change my mortgage due to a change in circumstances

If you need to change your mortgage due to a separation or bereavement, you can find out how this works on our Transfer of Equity information page.    

 

How does it work?

1
Check your original mortgage offer (or your most recent offer if you have already switched mortgages with us) for details on your eligibility to transfer your mortgage deal.
2
Work out what you need to do from the options above.
3
Make sure you have read our lending criteria before contacting us about applying.
4
When you are ready to apply, you need to get in touch with us to proceed. Call us on:
9am to 5pm Monday to Friday
9am to 1pm Saturday
Calls to 03 numbers are charged at the same rate as 01 or 02 numbers from all phones.

Things to be aware of...

Before you start looking at options, there are a few things you should know.
You will need to pay off your existing mortgage as part of transferring your current deal to a new property.
As part of transferring (or ‘porting’) your mortgage deal to a new property, you can borrow the same amount or less. This  will be on the same terms as your current mortgage deal.
You and your property will need to satisfy our current lending criteria. 
You'll need to complete on your new mortgage within six months of paying off your existing mortgage. You’ll also need to pay any relevant fees (e.g. valuation fees) and move to a property in England, Wales, Scotland or Northern Ireland. 

Fees & charges for porting your mortgage

Depending on the terms of your existing mortgage deal, you may need to pay an Early Repayment Charge when moving your mortgage deal to a new property. However we will refund some or all of this charge when the new mortgage completes. ERCs work slightly differently depending on your circumstances: 
If you are borrowing more:
When you sell your current home, you will redeem your current mortgage with us. At this point, you will need to pay any early repayment charges (ERCs) due. Check your mortgage offer for details of this charge. We will refund the ERCs if you complete on your new mortgage within six months of redemption of your old mortgage. If you don’t complete the new mortgage within 6 months, we don’t refund the ERCs.
If you are moving to a new home but without any additional borrowing:
When you sell your current home, you will redeem your current mortgage with us. At this point, you will need to pay any early repayment charges (ERCs) due. Check your mortgage offer for details of this charge. We will refund the ERCs if you complete on your new mortgage within six months of redemption of your old mortgage. If you don’t complete the new mortgage within 6 months, we don’t refund the ERCs.
If you are downsizing:
When you sell your current home, you will redeem your current mortgage with us. At this point, you will need to pay any early repayment charges (ERCs) due. Check your mortgage offer for details of this charge. If you complete on your new property within 6 months, we will refund part of your ERCS on a pro rata basis.

For example, your current mortgage is £100,000 and you downsize to a home worth £90,000. In this case, your mortgage has reduced in size by 10%. This means we would give you back 90% of your Early Repayment Charges. So in this case, you would only pay 10% of your ERCs.
Call us
Chat to our mortgage specialists about your options.
9am to 5pm Monday to Friday
9am to 1pm Saturday
Calls to 03 numbers are charged at the same rate as 01 or 02 numbers from all phones.
Book an appointment
Book an appointment and we'll call you back.