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If you’re moving house, you might be able to keep your current Skipton mortgage and transfer it to your new property. It’s a concept known as ‘porting’. Before you go ahead, you’ll want to consider if it’s the right thing for you to do, and if it’s available as part of your existing mortgage deal.
Please note, to port your mortgage the purchase of your new property should happen within 6 months of the sale of your old one. The porting request will need to meet our underwriting criteria, including that you remain able to repay the loan at the time of porting, the property meets our valuation requirements and the purpose of the loan.
When you port your mortgage, you can keep the amount you're borrowing the same or, if you're eligible, you could borrow more. You could also reduce the size of your mortgage (Early Repayment Charges may apply).
Not all mortgages are portable, for example, you can't port a residential mortgage to a Buy to Let property. So, you’ll need to check if yours is portable by referring to your original mortgage offer, calling us on 0345 607 9825 or via web chat.
Whilst porting your mortgage may avoid the need for you to pay any Early Repayment Charges, there are cases where these may still need to be paid in part or in full. You should check your original mortgage offer to see if this is the case.
Have an idea of how much you may need to borrow for your new home. It doesn't have to be the same amount as your existing mortgage.
However, you should be aware that any additional borrowing would be on an interest rate from our range of available mortgage deals at the time (which could be higher than your existing rate) and is subject to eligibility and affordability.
You could also reduce your mortgage, but an Early Repayment Charge may be payable on the difference in borrowing.
Just like a new mortgage application, during an advised mortgage appointment we'll consider the suitability of porting your mortgage to a new property – and that you remain able to repay the loan.
You may also be able to make other changes at the same time as porting. For example, amending the term, repayment type and/or adding or removing a borrower – subject to criteria.
The mortgage adviser will guide you through the porting process and we'll request a valuation of the new property to be used as security for the loan.
You could lose your home if you don't keep up your mortgage repayments.
