Moving your mortgage

Do I need to apply if I want to move my mortgage to a new property?

Yes. Just get in touch and we’ll do this over the phone. We’ll assess your circumstances to make sure your mortgage is still affordable for you. All applicants and the new property must meet our lending policy.

What are my options?

You have three choices. You may have to pay an ERC if your mortgage is on a fixed interest rate:

1. Move your mortgage to the new property and sell your current one on the same day. You’ll have no ERC to pay as long as we have a completed ERC waiver form
2. Move your mortgage to the new property within three months of selling your current one. You’ll pay the ERC which will be refunded as long as we have a completed ERC waiver form. We’ll send your refund 20 working days from when your mortgage is moved
3. Apply for a new mortgage rate on the new property. You’ll pay off your existing mortgage and the ERC. The ERC won’t be refunded.

You won’t have to pay an ERC if your fixed rate has already ended.

It’s important to remember:

• You must not pay off your existing mortgage until we have your signed application
• You won’t get a refund of any ERC you’ve paid if you move your mortgage to the new property after three months of selling your current one. You’ll also lose your existing rate so will have to apply for a new mortgage.

I’m unsure which option to choose?

If you’re a homeowner with us, our mortgage advisers are on hand to recommend the best choice for you. We don’t give recommendations on our Buy to Let deals for landlords.

Is there anything else I need to know?

Read our FAQs for more details.

Before you look at borrowing elsewhere, why not talk to us first to see if we can help.

We’ll assess your current circumstances to make sure borrowing from us is right for you. You’ll need to confirm:

• Your personal income
• Your current rental income if you’re a landlord
• How much you think your property is worth
• Your financial outgoings. Please tell us how much you pay for:
  • Childcare
  • Maintenance
  • School fees, and
  • Any credit commitments you have such as loans, credit cards and overdrafts. We’ll need to know how much you owe on these too.

You’ll find it’s worth having these details to hand before you speak to us. This will help make the process quick and easy.

Book a call for a time that suits you or when you’re ready, give us a call.

*Calls are recorded for training and monitoring purposes. Lines are open 9am – 5pm Monday to Friday. We’re closed on Bank Holidays. 03 calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.
 

What if I’m buying a new property and I need a bigger mortgage?

You can move your mortgage then borrow the extra on a new deal. We’ll assess your circumstances and make sure the total mortgage is affordable for you. You and the new property must meet our lending policy.

Use our calculator to see how much your new mortgage payment would be if you want to borrow more.

• Will I be credit scored when I apply to move my mortgage?

  Yes, we’ll need to credit score everyone applying for the new mortgage. We’ll do this when we have your completed application form. Our search will be registered on your credit record(s)

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• What if I apply to move my mortgage and it doesn't meet your policy?

  You can leave things as they are or talk to an independent financial adviser about what you can do. You’ll have to pay any ERC and fees due if you pay off your mortgage with us and take out a new one with a different lender.

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• What charges will apply if I move my mortgage?

  A new account is set up when you move your mortgage to a new property. We charge a lending fee for this, although you’ll pay this when you pay off your mortgage in full. You’ll have to pay for solicitor costs, a valuation fee, and Stamp Duty Land Tax (SDLT) too.

  You may have to pay a mortgage release fee to close your existing account. Your solicitor will let you know if you need to pay this.

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• What is an Early Repayment Charge (ERC) waiver form and when will you send it?

  An ERC waiver form is a document which must be fully completed if:

  • Your mortgage interest rate is fixed
  • You're buying your new property within three months of selling your current one.

  Having this form means you won’t be charged an ERC, or you’ll pay the ERC but it will be refunded. This depends on when you move your mortgage and sell your current property. See points one and two under What are my options.

  We'll send the form to your solicitor if your mortgage is approved. You should make sure they send us the form at least one week before you buy your new property. They can visit our solicitors page for details or to get a new copy.

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• What if I can’t move my mortgage to the new property and sell my current one on the same day?

  You can apply using our Non-Simultaneous Porting Policy. This means:

  • We must have your application before you sell your current property
  • You’ll need to pay any ERC and fees that are due
  • You’ll have three months to buy a new property from the time you sell your current one
  • Your ERC will be refunded within 20 working days if you buy your new property within the three-month period.

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• What if I can’t move my mortgage to the new property and sell my current one within the three-month period?

  You won’t have a refund of any ERC paid. You’ll also lose your existing rate and will have to choose a new mortgage deal.

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• What if I want a lower mortgage on my new property?

  You can move any amount of your existing mortgage to the new property as long as your request meets our lending policy and Loan to Value.

  If your mortgage is on a fixed interest rate, you’ll have to pay an ERC on the amount that’s left. You’ll pay the ERC when you sell your current property.

  Example - Your existing mortgage is £100,000 with an ERC of 2%. You’re moving £90,000 to your new property. You’ll pay 2% on the £10,000 left over, which means you’ll pay an ERC of £200.

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• How much of my mortgage can I move, and can I move it more than once?

  You can move your mortgage as many times as you want if your loan is £1,500 or more. You and the new property must meet our lending policy when you apply.

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• Can I move my residential mortgage on to a rental property or my Buy to Let mortgage on to my residential property?

  No, as both types of mortgages have different risks and conditions to meet. You must use your property according to the type of mortgage you have on it i.e. if you have a:

  • Residential mortgage you must live in the property
  • Buy to Let mortgage, you must let out the property.

  However, if you wish to change the type of mortgage you have on your property, you can apply for a new one. For example, if you want to move into your rental property, you can apply to switch your Buy to Let mortgage to a residential mortgage. Your application and property must meet our lending policy for the mortgage type, and fees may apply. You’ll also have to pay the ERC if your current mortgage is on a fixed rate.

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• Will my new mortgage payment match what I pay now after I move my mortgage balance?

  You may find there’s a small difference. This could be due to:

  • When in the month your new mortgage starts
  • Whether you round the length of your mortgage up or down
  • Your interest being calculated differently e.g. from a monthly to daily basis.

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• I’ve missed payments on my mortgage, loans, or credit cards. Can I still move my mortgage?

  You could still move your mortgage if it makes sense for you to do so e.g. if you sold your current property to buy a cheaper one and the profit you make on the sale (equity) puts you in a better financial position, we can consider your request.

  Visit our help pages if you're worried about paying your mortgage.

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