Moving home

A repayment may be required if the borrower moves to a lower value property in order to bring the LTV’s into line.

How do I submit a porting request?

• You’ll need to ensure that you are registered with us through our Hodge Broker Portal.
• Complete the Moving Home application form and return it to us at [email protected].
• We’ll arrange for a valuer to visit the new property and they’ll prepare a valuation report for us.
• We’ll review the valuation report to assess whether the new property is acceptable.
• If it’s acceptable, we’ll send the paperwork to approve the transfer of your client’s loan and will send this to our solicitors to instruct them to act.
• Your client’s solicitor should then contact our solicitor to arrange for the loan to be transferred to the new property.

Can my client apply for Additional Borrowing at the same time?

• You will need to submit a separate application form to apply for the Additional Borrowing at the same time as the moving home application.
• If your client is also taking out Additional Borrowing, we may ask for information to verify their ability to repay the loan.

Can my client port a mortgage to a property they already own?

• Yes, they can sell their current property and transfer their mortgage to a property they already own if it is currently mortgage free.
• The new mortgage must begin on the day that they sell their property.

Do they need a solicitor?

• Your client will need to instruct a solicitor to act on their behalf, and Hodge will instruct a solicitor to act on our behalf.
• Our solicitor will transfer the loan to the new property providing they are satisfied with all matters relating to the title of the new property.
• Your client will incur the cost of both our, and their solicitor.

What fees are payable by my client?

• There is an administration cost of £250 for transferring the mortgage to a new property. This will need to be paid when you submit the application.
• This is non-refundable even if this application doesn’t go ahead.
• We’ll need a valuation of the property and if the property value is below £1m the valuation is free, if it is over £1m a fee will apply.
• They will need to pay both our and their legal costs. Our legal fees are variable and depend on the amount of work the solicitor does.

How long does the process take?

• Once we receive the application form and fees, it takes a few weeks to issue the mortgage offer.
• This depends on how quickly the valuer can access the property to conduct a valuation.
• We may also ask for more information so we can assess affordability.
• Once our solicitor receives our mortgage offer which instructs them to act, it could take up to 3 months to complete on the sale of your current property and the purchase of your new property.

Will my client have to repay some of their loan?

• No, provided the new property is of an equal or higher value then the current property.
• If the property is of a lower value, they may need to repay some of their loan.
• The amount they need to pay will depend on the existing loan balance.
• No early repayment charges will apply if we ask your client to repay some of their loan.
• However, if it’s your client’s choice to repay part of the loan and they are within their fixed period then early repayment charges will apply.