Porting is when an existing Nationwide borrower moves home and transfers their mortgage product for the remainder of its term.
Most of the mortgage products available through Nationwide are portable. Please refer to your client’s mortgage offer for more details.
Your client must ensure their personal details (e.g. the applicants surname) on their existing account are up to date prior to the start of the porting application.
If your client is looking to port their product, they should be aware that:
- products can only be ported on home mover or second property home mover applications
- any additional borrowing required above the ported balance can only have a product from our current product range
- existing Nationwide borrowers who have an interest only/part & part mortgage and are moving home can keep the amount they have on their interest only mortgage where the existing product is ported. They must also ensure they have an acceptable mortgage repayment strategy in place. When porting, any new additional borrowing must be on a capital and interest repayment basis. If they wish to take any new lending on an interest only basis, they'll need to redeem the existing product and pay any applicable ERCs. If they currently have an existing Interest Only product and are looking to increase their borrowing on interest only, and wish to port with a top up on interest only, please speak to your BDM.
- the account can be no more than one month in arrears.
At application stage, your client can also change the term of their mortgage when porting, subject to criteria. Your client can also port from a joint mortgage to a single mortgage and vice versa.
We expect the sale and purchase transactions to complete simultaneously. However, we understand if there are delays in the completion of the purchase, then the situation is out of your client’s control. If your client has to unexpectedly redeem their existing mortgage prior to completion of their new mortgage, we will:
- continue to process your client’s application if a mortgage offer has already been produced. The new property purchase must then complete within the offer validity period.
- if a mortgage offer hasn’t yet been produced but redemption of the existing mortgage has taken place, your client will have up to 180 days from the redemption date to reach completion. A paper application will be required in these cases. You can talk to our experienced Technical Support Advisers using Broker Chat for further information.
Following the completion of the new mortgage, any ERCs which are due to be returned will be refunded to the solicitor(s) who redeemed the original mortgage.
If neither of the above is achieved, the porting facility will be lost and a new application must be submitted based on our current product range (this doesn’t guarantee acceptance of any future application).
Existing borrowers can port the BMR and SMR but any additional borrowing will need to be on a product from our current product range. Visit our Existing Nationwide Borrowers page to find out more.
Porting a mortgage to a new property
If your client wishes to port their mortgage to a new property and remortgage their home as a Let to Buy, we'll require both mortgages to be affordable without rental income, unless the Buy to Let is placed with The Mortgage Works.
Full details of how to key these mortgages can be found in our Let to Buy processing guide.
How to submit a Porting Case
You can produce Mortgage Illustrations for ported cases and submit applications via NFI Online.
Download our step by step keying guide for porting applications.
If you need to rekey a porting application, please ensure you have cancelled the original application. You won't be able to locate the current mortgage through the system to start a new application if there is an open case in the background.
There are a small number of porting exceptions which can't be submitted via NFI Online and need to be submitted by completing a Mortgage application form, these are:
- Porting a 25 year fixed rate
- Porting an account with a future dated Product Switch
- Porting if the mortgage term takes the applicant past 75 years old (like for like applications only)
- Porting of 5 or more accounts with no additional borrowing
- Porting of 4 or more accounts with further borrowing
- Porting an account where the current mortgaged property is being let out
- Porting of 3 or more applicants (like for like applications only).
To obtain an illustration for these applications, please complete the Manual Mortgage Illustration Request form.
The full application will need to be posted to:
Nationwide Building Society (IPA)
Northampton Service Centre
Kings Park Road
There are no product or booking fees when porting, but fees will apply to any new products taken as part of the new house purchase.
Early Repayment Charges
Your client won’t have to pay the Early Repayment Charge (ERC) if:
- they port the balance and terms of their product to the new loan for the remainder of the product deal period.
- the balance ported is equal to the remaining balance on the existing mortgage (if they want to port part of their existing debt, an ERC will be payable on the balance that isn't ported), and are taking a new deal with Nationwide. Please refer to your client’s mortgage offer for more details.
- they're an existing member completing on a new deal with Nationwide within the last 3 months of their current product.
All our mortgage products are true term products. This means that if your client’s completion date is delayed, their mortgage will still run the full deal period. For example, if your client has a 2 year deal and completes on 7 August 2018 they will make 24 monthly payments and revert to our SMR on 1 September 2020. The SMR is currently 3.59% and has no upper limit or cap.
Where the ERC isn't payable, the solicitor will need to account for the ERC and redemption expenses from the sale. They'll need to deduct these before sending the payment through to us.
Porting application guide
Our step by step keying guide for porting applications.Porting application guide
Use NFI Online for new cases, Mortgage Illustrations, DIPs and case tracking.NFI Online
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