Moving Home

There are a few things you need to know to help get the process started.

Do I have to take advice?

• If you’re borrowing the same or less, it’s up to you whether to take advice.
• We would strongly encourage you seek financial advice to ensure this is the best option for you and takes into account of your personal circumstances.
• You can apply to us directly (called Execution only) but you will not get the same regulatory protection and we will not assess whether this transaction is suitable to your personal circumstances.
• If we believe porting your mortgage is not in your best interest, we may require you to seek advice from a financial advisor.

What if I want to apply for Additional Borrowing at the same time? 

• You must take advice.
• Your financial advisor will need to submit a separate application form to apply for the Additional Borrowing at the same time as your Moving Home application.

What do I do next?  

• You should contact your financial advisor first. Your financial advisor will discuss your options with you to make sure the decision is right for you.
• If you don’t have a financial advisor, Unbiased.co.uk is a good place to start your search.
• If you decide to go ahead, your financial advisor will let us know and they’ll need to send us a completed application form, your application fee and your valuation fee.
• You may have to pay to receive financial advice.

Do I need a solicitor? 

• You’ll need to instruct a solicitor to act on your behalf.
• We’ll instruct a solicitor to act on our behalf. Our solicitors will transfer the loan to the new property and will need to be satisfied with all matters relating to the title of the new of the property.
• The solicitors will communicate with each other to ensure a smooth transfer.
• You’ll incur the cost of both ours and your solicitor.

Will I have to pay any fees?

• You’ll need to pay our administration costs of £250 for transferring the mortgage to the new property.
• You’ll need to pay this when you submit your 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.
• You’ll need to pay both our and your legal costs. Our legal fees are variable and depends on the amount of work the solicitor does. Please contact your solicitor for details on the fees they charge.
• You’ll need to pay your financial advisor for the cost of providing advice.
• Please see below our tariff of fees and charges below.

How long does the process take?

• Once we receive the application form and fees, it takes a few weeks to issue you with a mortgage offer.
• This depends on how quickly the valuer can access the property to conduct a survey.
• We may also ask your financial advisor for information so we can assess your application.
• 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.

I want to move soon, how do I start the process?

• When you’ve agreed a sale on your current property and agreed a price on a new property to purchase you can start the process.
• We’ll need a completed application form (submitted by your financial advisor if you’re receiving advice) together with our administration and valuation fees.
• If applicable, we will also need a letter from a holiday let agency to confirm expected low, mid, and high season rent for the new property.

What happens next?

• If you’re also taking out Additional Borrowing, we may ask for information to assess your application.
• 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 you paperwork to approve the transfer of your loan and will send this to you and to our solicitors to instruct them to act.
• Your solicitor should then contact our solicitor to arrange for the loan to be transferred to the new property.

Can I port a mortgage to a property I already own?

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

Do I need to buy and sell my property on the same day?

• Yes, we can only accept applications for properties that are completed as bought and sold on the same day.

Will I have to repay my loan?

• No, provided the new property is of an equal or higher value than your current property.
• If the property is of a lower value, you may have to repay some of your loan. The amount that you need to repay will depend upon the existing loan balance.
• No early repayment charges will apply if we ask you to repay some of your loan.

If I want to repay some of my loan, would I pay Early Repayment Charges?

• Yes, if it’s your choice to repay part of your loan and you’re within the period where early repayment charges apply.