Porting & Moving

Your client can apply to ‘top up’ from our product range if they need to borrow more to purchase a new property.

• If your client has a standard mortgage: you’ll need to select a new business Residential product or Buy to Let product.
• If your client has a Bespoke mortgage: you’ll need to select a new business Bespoke Residential product or Bespoke Buy to Let product.

If the property your client is moving to costs less than their existing property, they may want to borrow less than their existing mortgage. To do this, they can port their current rate and redeem part of their mortgage. Early Repayment Charges (ERCs) will apply to the amount they redeem if their existing mortgage is within a fixed rate period.

Things to consider if your client is porting a reduced balance:

• They can make use of any unused overpayment allowance for the financial year (10% as standard). They’ll need to make the overpayment five working days before redeeming the existing mortgage to make sure it’s reflected on the redemption statement
• The ERCs are paid on the amount they're reducing their mortgage by and are non-refundable.

Before you start an application, you’ll need the following to hand:

• 10 digit mortgage account number (found on your client’s annual mortgage statement. Not the same as the case ID)
• Postcode of mortgaged property
• First name, surname and date of birth (for the same client).

If your client has changed their name since the original mortgage was taken out, they'll need to speak to us to change this prior to starting the porting process. They can call our Existing Customer Team on 0345 602 7056* (option 3).

*Lines are open 9am - 5pm Monday to Friday (excluding Bank Holidays). Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

ERCs will be waived if an ERC Waiver form has been completed by your client's Solicitor prior to redemption.

Valuations are instructed once the case has been accepted and any related valuation fee paid. The case will be passed to underwriting once fully packaged. Clients can call our Intermediary Enquiry Line on 0345 266 8928* to pay the valuation fee once they've received their mortgage illustration.

*Lines are open 9am - 5pm Monday to Friday (excluding Bank Holidays). Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

Any ERCs must be paid up front. They are refundable upon or after completion, providing this happens within the three month porting window.

Things to consider for ERCs:

• The balance of your client's new mortgage will play a part in whether a refund is possible. If they borrow less, ERCs will apply to the amount they redeem if they're within a fixed rate period.
• Same Day Completion (Simultaneous Completion): ERCs will be waived if an ERC Waiver form has been completed by your client's Solicitor prior to redemption.

How much will the ERC be?

• The exact ERC will be specified in your client's original mortgage offer T&Cs. Typically, it can be up to 5% of the loan amount being repaid.

Our products are portable in line with the terms and conditions of the mortgage; and are subject to current underwriting policies and criteria at the time of the application to port.

It is only possible to port the current interest rate and any ERC conditions attached to their mortgage. The portable amount is either the balance outstanding on the current loan, or the original loan, whichever is the lower (no consolidated arrears etc).

If your client has a standard residential mortgage, you’ll need to select a rate from our new business residential rates.

If your client has a Bespoke residential mortgage, you’ll need to select a Bespoke new business residential rate.

You can't select a Bespoke rate for additional borrowing if your client has a standard residential mortgage.

Yes, subject to our lending criteria.

Your client can add a borrower to the mortgage as long as the new borrower will also be residing in the property, and at least one original borrower remains on the mortgage.

Your client can remove a borrower, provided at least one original borrower remains on the mortgage.

In either case, your client won't be required to pay an Early Repayment Charge (ERC).

If a client is not able to complete a simultaneous port, we offer a ‘porting window’ of up to three months, providing the new loan continues containing the previous ERC terms and conditions.

In order to undertake a non-simultaneous port, the client must have submitted the porting application prior to the redemption of the old mortgage, and pay the ERC on redemption of the current loan.

The ERCs are refundable upon or after completion, providing this happens within the three month porting window.

If a 'top-up' product has been offered within the last three months and they find a new property within this time frame, we'll require a New Property Details form (NPD). They can keep the existing rate if the new loan amount is not more than 10% over the original loan amount and doesn’t exceed the original LTV limits for the rate. Alternatively, they can choose a new product.

Please send the completed NPD form to TelephoneBDM@boi.com using the password protection process.

You will receive 0.40% on the top-up amount for residential or 0.50% on the top-up amount for Buy to Let mortgages. If they are not borrowing any additional money, then you won't receive a proc fee.