Existing mortgage customers moving home

If your client’s mortgage is already with us, we've got a couple of options available to them when they’re moving home.

Whether they're porting an existing product or choosing a new product we’ll pay a procuration fee on the full loan amount. Some exclusions apply – see below for more details.

Port an existing product

Port an existing product

Most of our products are portable as long as it’s for the purchase of a new property. It’s not possible to port a product to a property that’s already owned.

  • Porting applications are always subject to the conditions in the mortgage Terms and Conditions. They 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 may need to pay an ERC if they go on to 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 ups can be taken from the new business range.
  • A valuation fee will be payable unless the applicants are borrowing more and topping up with new business product that comes with a free standard valuation.

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

Redemption and completion on different days (non-simultaneous)

Providing the purchase of the new property completes within three months of the redemption date of the previous mortgage, the existing product can be ported to the new mortgage and any early repayment charge will be refunded, as long as the customer takes the previous product for the full amount.

The only exception to this is the Flexible Offset mortgage where the sale of the existing property and purchase of the new property must be on the same day.

Interest only

Where any loan part is on interest only we can consider applications to port the mortgage to a new property as follows.

  • If the application meets our current lending criteria, you can submit the application to us through Introducer Internet.
  • If the application doesn’t meet our current lending criteria but the overall lending is the same or less and the interest only loan part isn’t being increased, then we can consider the application but your client will need to speak to us directly on 0800 092 3881. In these cases we do not pay a procuration fee. 

We’ll be unable to consider the application if it doesn’t meet our current lending criteria and the overall lending or interest only amount is increasing.

View our lending criteria and interest only repayment vehicle guide for more information.

Flexible Offset

Flexible Offset mortgages can be ported as long as the sale of the existing property and purchase of the new property are on the same day. Please speak to your dedicated contact who will be able to advise you of the process. 

Alliance & Leicester Standard Variable Rate (SVR)

The Alliance & Leicester SVR isn’t portable. If your client is paying the Alliance & Leicester SVR on the full mortgage, they can choose a new product for the total borrowing from our new business range and we'll pay you a full procuration fee.

A valuation fee may be payable.

Alliance & Leicester Lifetime and Flexible products

Your client can port their Alliance & Leicester product(s), excluding SVR, to a new property.

Top ups can be selected from our new business range.

A valuation fee may be payable.

If your client wants to port their existing Alliance & Leicester mortgage, they will need to phone us directly on 0800 051 1595This is a customer only telephone number.

We don’t pay a procuration fee for Alliance & Leicester porting cases.

Choose a new product

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.

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 1590

For further information on ERC waivers please view our residential lending criteria.

All applications are subject to our current lending criteria.