Home Movers
Because you already have your mortgage with us, you can still benefit from your existing mortgage product and move it to your new home.
What is Porting?
Stroud & Swindon gives existing borrowers moving home and arranging a new mortgage with us the ability to move their existing mortgage product to their new home. Please note that you can port the part(s) of your mortgage that are currently in their introductory rate/ 'product' period, for example the initial 2 year fixed rate period. You are not able to port the part(s) of your mortgage where the initial 'product' period has ended and that part(s) of your mortgage has reverted to its 'follow on' rate.
What if I want to borrow more?
Option 1: If your mortgage is in accordance with our current lending policy, you can port the outstanding balance on qualifying part(s) of your existing mortgage product and borrow additional funds on either:
- one of our existing borrower products, or
- our Standard Variable Rate.
For full details of the products available to you for additional borrowing, please give us a call on 0845 725 2423 or visit one of our branches.
Option 2: Apply for the total new amount on one of our main mortgage products for home movers (subject to the early redemption conditions of your existing product). For full details of the products available to you, please give us a call on 0845 725 2423 or visit one of our branches.
How do I Apply?
We already know you, so we will just need to update our information and take the details of your new property. We will be happy to complete the application form with you. To get things underway, please call us on
0845 725 2423 or visit your local
branch.
Anything else you Should Know?
In certain circumstances our mortgage products are portable, which means you can take the product with you if you are buying a new house. Porting only applies to the product during the initial product period, for example the initial 2 year fixed rate period. It does not apply once the initial product period has ended and the product has reverted to its follow on rate.
Our mortgages often have an Early Repayment Charge; details of which are in your offer. If you move house during the Early Repayment Charge period and simultaneously start another SSBS mortgage on your new property, and for at least 75% of your original mortgage, you can port your mortgage product and you will not incur any Early Repayment Charges associated with your original mortgage.
If the new mortgage does not start simultaneously but starts within 6 months of the redemption of the original mortgage and is for at least 75% of your original mortgage, then a full refund of the ERC will be given.
If the new mortgage does not start simultaneously but starts within 6 months of the redemption of the original mortgage and is for less than 75% of your original mortgage, then a partial refund of the ERC will be given, calculated as follows:.
- Original mortgage: Eg £75,000 - if ERC is 3% then a total ERC of £2,250 will have been paid at redemption
- If a new mortgage for £21,000 is taken a refund of 28% (£21,000/£75,000) of the ERC will be repaid. In this example the refund would be £630.
For more information please call us on
0845 725 2423
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.