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Porting your mortgage

If you've got a mortgage with us already, you might be able to move or 'port' your rate to your new property when you move home.

To port your Nationwide mortgage you will need to apply by getting a Decision in Principle (DIP) first. A mortgage adviser will then help you decide.

How does porting a mortgage work?

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

It’s important to know that it is not a transfer of the mortgage loan. It’s a transfer of the mortgage product or deal. This means you will have to reapply for a new mortgage loan and meet our current lending criteria.

Can I port my mortgage?

To find out if you can port your Nationwide mortgage, check your latest mortgage offer letter, or you can call us.

Changes in your circumstances could mean that you won’t be able to port your mortgage. For example:

  • the loan to value ratio (LTV) of your new property
  • you don’t meet our lending criteria
  • your finances and household income have changed

The different types of porting

There are different types of porting depending on your borrowing needs for your new property. For example, you might need to borrow more or less than what’s left on your existing mortgage that you are porting.

Porting with additional borrowing

If you need to borrow more than the amount on your existing mortgage.

You can port your existing mortgage product to all or part of the mortgage balance. But, for the outstanding amount, the ported interest rate doesn't apply. You will need to choose a new mortgage product or deal to cover it.

The equity from your existing property can go towards the new mortgage loan amount.

You don’t have to pay an ERC with additional borrowing.

Additional borrowing is subject to meeting our lending criteria.

For example:

Your existing property value is £200,000, with an existing mortgage loan of £125,000. From the sale of your existing property, there is £75,000 equity.

The new property you want to buy is £350,000.

£125,000 of the existing mortgage is ported with the existing product rate.

You need to borrow more on a new mortgage loan to cover the rest of the new property amount. £75,000 of the equity is included from your existing property sale, plus £150,000 is borrowed on a new mortgage loan to make up the new property price.

Partial Port (Borrowing less)

If you need to borrow less than the amount on your existing mortgage. You can port the mortgage product to the smaller loan amount.

However, the difference must be repaid on completion of the new loan, and an ERC will apply to this amount.

Your existing property value is £200,000 with an existing mortgage loan of £150,000. From the sale of your existing property, there is £50,000 equity.

The new property you want to buy is £150,000.

£100,000 of the existing mortgage is ported to the new property.

£50,000 of the equity is included from the sale of your existing property. This means that the mortgage is reduced to £100,000.

There is £50,000 left on the mortgage loan that is no longer needed and is subject to an Early Repayment Charge.

Like for like

If you need to borrow the same amount that’s left on your existing mortgage, the term is the same and doesn’t require any other changes or new borrowing.

For example:

The new property you want to buy is the same value as your current property at £250,000.

£100,000 of the existing mortgage is ported to the new property.

The existing mortgage loan has not changed, so is ported to the new property.

With Like for like porting, you don’t have to pay an ERC.

Porting and Early Repayment Charges

When porting your existing Nationwide mortgage deal, an Early Repayment Charge (ERC) may apply when:

  • you're only porting part of your mortgage
  • there's a delay between the sale of your existing property and the purchase of your new one.

If you are not able to complete your new purchase after 180 days of paying off your existing mortgage, the existing mortgage product and its rate will be lost, and you won’t be able to port your mortgage. You will need to apply for a new mortgage product with the current rates available.

If you decide to port your mortgage, one of our mortgage advisers will explain when an ERC needs to be paid based on your circumstances.

How do I port my mortgage?

To port your Nationwide mortgage, you will need to:

  1. Apply by completing a Decision in Principle.
  2. A mortgage adviser will then help you to decide.

Get a Decision in Principle

Check if you can port your mortgage and how much you can borrow for any additional borrowing.
Get a Decision in Principle

Other useful information

Important:

Think carefully before securing other debts against your home. Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage. Mortgages are subject to underwriting and criteria. Minimum age 18, UK residents only.