Porting an existing Skipton mortgage to your client’s new property

Porting is when a borrower moves home and transfers their existing mortgage to the new property.

When porting their mortgage, your client can keep the amount they're borrowing the same or, if they're eligible, they could borrow more. They could also reduce the size of their mortgage (Early Repayment Charge may apply).

Please note
In order to port a mortgage the purchase of the new property should happen within 6 months of the sale of the old one. Mortgage porting is subject to underwriting criteria, including affordability at the time of porting, the property itself and the purpose of the loan.

How to port a Skipton mortgage

Step 1

Check your client’s original mortgage offer to see if their mortgage is portable. Most of our products are, but some aren’t. For example, you can't port a residential mortgage to a Buy to Let property, and vice versa. Alternatively, call us on 0345 601 6683 with your client’s relevant security details and we’ll be able to tell you. By porting their mortgage, your client may avoid the need to pay any Early Repayment Charges (ERC’s), however there are cases where these may still need to be paid in part or in full. You should check the original mortgage offer to see if this is the case.

Step 2

Work out how much your client needs to borrow for their new home. It doesn’t have to be the same amount as their existing mortgage. However, if they’re moving to a more expensive property, they might need to take out additional borrowing. This would be on an interest rate from our available product range at the time, which may be higher than their existing rate, and is subject to eligibility and affordability. The mortgage can also be reduced but an Early Repayment Charge may be payable on the difference in borrowing.

Step 3

Just like a new mortgage application, you’ll need to check affordability, eligibility and the suitability of the new property, our Broker Support team is ready to help with any of your questions. Your client may also be able to make other changes at the same time as porting, such as amending the term, repayment type and/or from a joint to a single mortgage, or vice versa, subject to criteria.

Frequently Asked Questions

What if the sale and onward purchase don’t happen simultaneously?

If the sale and purchase of the two properties are not simultaneous, any ERC’s will be payable in full. The client will have six months to complete on the onward purchase to receive a refund of the ERCs.

Can you port a Help to Buy (HTB) and/or Shared Ownership (SO) product to another property?

Yes. But if the new property is not HTB or SO, then any top up would be from our available residential mortgage range at the time.

What should I look out for on Emortgages that’s often overlooked?

The existing customer mortgage box needs to be ticked as being ‘repaid’ on completion in the loans section, because porting is treated as a new mortgage.

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