Existing Santander mortgage customers moving home

Due to coronavirus from Wednesday 25 March for all existing Santander mortgage customers moving home we're extending the ERC refund window for non-simultaneous porting as follows: standard cases will increase from three months to five months in total and new build cases will increase from six months to eight months in total.

If your client already has a Santander mortgage, there are a couple of options available to them when they’re moving home.

We pay a procuration fee on the full loan amount, whether your clients are porting an existing product or choosing a new product (some exclusions may apply).

Port an existing product

Porting is when an existing Santander mortgage customer moves home and transfers their mortgage product for the remainder of its term. Most of our products are portable.

Key criteria

  • Products can only be ported when it's for the purchase of a property. It's not possible to port a product to a property that's owned mortgage-free or is being remortgaged.
  • Porting applications are always subject to the conditions for transferring the loan to a new mortgage in the customer's Mortgage Terms and Conditions.
  • The applicants and the property must meet our current lending policy and we’ll do a full credit assessment.
  • If we don’t agree to the new mortgage, the applicants will not be able to port their mortgage product and they'll be required to pay any applicable early repayment charge (ERC) if they subsequently redeem their mortgage.
  • If your client is looking to borrow less than their current balance, we’ll charge an ERC on the amount they don’t port. So if their current balance is £100,000 and the new mortgage will be £90,000, we’ll charge an ERC on the difference of £10,000.
  • When borrowing more, top up borrowing can be taken from the new business range.
  • A valuation fee will be payable unless the applicants are borrowing more and topping up with a new business product which comes with a free standard valuation.

To port your client's mortgage, you'll need to know the existing loan amount, product code and loan term. To avoid delays, this information needs to be as accurate as possible. Your client can get this information by contacting Santander Mortgage Operations on 0800 917 5630. When they call, they'll be asked to provide their mortgage account number (shown on their Annual Mortgage Statement) and confirm their identity.

For more information on our porting policy or if there's a specific case you’d like to discuss, please speak to your dedicated contact.

Choose a new product

Existing Santander and Alliance & Leicester mortgage customers moving home can choose a new business product for their total borrowing.

Where they’re currently tied in:

If there’s six months or less left on current deal at application
  • If they’re borrowing the same amount or more we’ll waive the ERC in full, or

  • If they’re borrowing less, we’ll charge an ERC on the amount they are not moving onto the new product; e.g. if current balance is £100,000; new mortgage is £90,000; we’ll charge an ERC on the £10,000 difference.
If there’s more than six months left on deal at application
  • Any ERC must be paid in full.

ERC waiver process

If redemption and completion:

Will be on the same day (simultaneous)  Will be on different days (non-simultaneous)
You’ll need to advise your client to tell their solicitor to deduct the ERC from the redemption balance.

Your client must complete within three months to receive a refund of the ERC. If your client is porting their existing mortgage to a new build property, they must complete within six months to receive a refund of the ERC.

Once your client’s new mortgage has completed, they’ll need to contact our Customer Service Centre to get their ERC refund.

Santander      0800 783 9738

Alliance & Leicester  0800 085 1595

For further information on ERC waivers please view our residential lending criteria. All applications are subject to our current lending criteria.