Porting guidance and criteria

Porting is paying off an existing mortgage and taking out a new one with the same terms on a new property. This allows your client to keep their current interest rate and related product features.

Porting applications are a little different to our other applications.

• Make porting applications through TMW Online.
• We assess the application and affordability for porting on a Full Mortgage Application (FMA). TMW Online will not produce a Decision in Principle (DIP) for porting.
• If you need a Mortgage Illustration for porting, you can request one using our Manual Mortgage Illustration Request Form.
• For Limited Company porting, you can get a Mortgage Illustration from your sourcing system.
• The new mortgage must complete at the same time as the existing one.

Additional borrowing

When porting, your client can borrow more than the outstanding amount on the mortgage they are redeeming. However, the ported interest rate doesn't apply to the full amount they are borrowing. It will only apply up to their original loan to value (LTV) or loan amount, whichever is lower.

For any borrowing above that amount, your client will need to choose a new product from our latest guide. They will also need to pay the new product’s fees. The maximum LTV on the overall loan across both products is based on the LTV limit of the new product.

Your client won’t have to pay ERCs when they port the full balance of their existing mortgage to a new property.

Additional borrowing is subject to criteria including:

• interest cover ratio (ICR)
• current stress rates
• maximum product LTVs

If your client is porting the total outstanding amount of the original mortgage product with us, this is a like-for-like port. Your client can keep their original product LTV, up to 80%.

For example, if your client owes £100,000 on the existing property, they must borrow £100,000 on the new mortgage product for the new property to be considered like for like.

Your client won’t have to pay ERCs when they port the full balance of their existing mortgage to a new property.

If your client wants to borrow less than the outstanding amount on their existing mortgage, the difference must be repaid on completion of the new loan, and ERCs may apply to this amount. They can borrow up to the original product LTV.

For example, if your client owes £100,000 on the existing property and they want to borrow £80,000 on the new mortgage product for the new property, they will need to pay ERCs on £20,000.