Moving home (Porting)

If you have a mortgage with us, you may be able to transfer the mortgage to another property when you move providing certain criteria are met. This is known as porting your mortgage.

Assuming you aren’t reducing your mortgage balance when you move property, you won’t pay an early repayment charge (ERC) on your mortgage. If you need to borrow more to buy your new property, we can also consider this.

Key things to consider when porting:

  • You need to have completed your new mortgage at least 6 months before applying to port your mortgage
  • If you don’t complete the purchase of your new property on the same day as redeeming this mortgage, you will be asked to pay an ERC. However, as long as you complete your new mortgage with us within 6 months of redeeming and borrow the same amount or more, we will refund all or part of your ERC. The amount refunded will be determined by your new loan amount.
  • Your account must be up to date and not been in arrears during the last 12 months.
  • A valuation of the new property will be required
  • One missed mortgage payment or two missed unsecured payments in the last 6 months can be considered provided the application still passes credit score and a satisfactory assessment is completed by the underwriter.

How much can I borrow?

We can consider lending you up to the 90% of your new property value or potentially your original loan to value percentage, subject to the Banks' Lending criteria. Please note, that further restrictions can apply based on additional factors such as loan size, and loan purpose. Please call us to discuss your options and what could be available to you, based on your individual circumstances. For BTL loans the maximum loan to value is 75%, subject to the Banks Lending criteria.

The amount you can borrow may be reduced for these reasons:

  • If you have any Interest Only lending
  • If it's a new house or flat
  • If you own other property, for example Buy to Let properties.

It’s also important that your mortgage remains affordable, so we’ll discuss your situation with you, assess your needs and affordability, and only offer a mortgage that we think is suitable based on this.

How much will it cost?

We usually charge a fee to transfer your mortgage to another property (see tariff for details), and there will be extra costs to consider. These can vary, but other costs might include instructing a solicitor, stamp duty, a valuation, and the moving costs.

If we agree any additional borrowing, it will not be based on the product and interest rates offered for new business. Your additional borrowing will be based on our range of Additional Borrowing Rates, which can be found in the link below. These interest rates change over time and they may be higher than your existing rate on your main mortgage. Therefore it is important that you review our rates or contact us at the time you are interested to determine what your options will be.

Any borrowing you take up will increase the amount of borrowing secured on your home.

You can call us on 08000 288 288 call charges to discuss your options and how much it might cost.

Visit our Borrowing More page to view our additional borrowing rates.

When should I contact you?

Speak to us when you start looking for a new property, this way we can give you an indicative amount that we will lend to you.

  • Once you've found a property you're interested in, contact our mortgage team on 08000 288 288 call charges.
  • We will arrange for a member of our Applications team to contact you with a view to arranging a Fact Find appointment
    • for residential mortgages, you will be scheduled for an advised service where a personalised assessment will be undertaken by a professional Mortgage Advisor who will recommend any suitable variations to your mortgage based on your individual requirements.
    • for Buy to Let mortgages, an ‘Information Only’ service will be provided where we assess eligibility and commence a telephone application, this is sometimes also referred to as ‘Execution only’. If you require mortgage advice on your BTL mortgage you should contact your broker.
  • If you decide to proceed, we’ll send you an illustration and an application pack within 5 working days from your completed fact-find appointment. If you’re happy with the changes, return the application form, the documentation required to support your application and any applicable fee(s) to us, and we’ll process your request.
  • Once we’ve checked all details and obtained the necessary information to fulfil our lending criteria, we will proceed to send you and your solicitor an offer to read, sign and return to us.
  • Once we’ve checked all the details, we’ll agree to send the funds to your solicitor to complete the transaction.

Do I have to buy my new home and sell my current one on the same day?

No, if you’ve sold your current home, but can’t (or don’t want) to move into the new one immediately, you have the option to switch your mortgage within six months.

If it's within the six month period, and it's subject to the conditions on this page, you should have your early repayment charge refunded when you complete the new mortgage.

Conditions for early repayment charges

When you take your existing mortgage to a new property, you will usually not pay any early repayment charges.

The instances where we would ask you to pay these charges are:

  • If you pay off your old mortgage and don’t take up your new property immediately, we will charge you an early repayment charge on redemption, and refund it when you complete your new purchase, as long as the time between redemption and purchase is no longer than 6 months.
  • If your new mortgage is smaller than your old one, there may be a pro-rata early repayment charge – so if you redeem a £100,000 mortgage, but your new one is for £80,000, you may pay an early repayment charge on the £20,000 difference. The charge amount will depend on your mortgage deal – you can refer to your original offer, or call us and we’ll be happy to work this out for you.
  • If you decide (or it is recommended) that you don’t take your existing mortgage rate to a new property then we will treat this as a completely separate arrangement, and so you’ll pay an early repayment charge.

Check out our mortgage deals

Take your mortgage with you to your new home and see what rates are available. On some of our mortgages, we don’t charge product fees.

The Co-operative Bank reserves the right to change or withdraw any of its mortgage deals at any time. All loans are subject to status and valuation.

Book an appointment or check the progress of an existing application

To book an advice appointment with a mortgage adviser or to check on the progress of your mortgage application, call us on 08000 288 288. Lines are open 9am to 5pm Monday to Friday (call charges).

Got questions?

See if our FAQs can give you the answer.

Important information

These important documents lay out our responsibilities to you and the terms and conditions of our products and services.

Mortgages legal information

PDF documents

Tariff of charges (PDF)

General information for regulated mortgages (PDF)

How we use your personal information (PDF)

Your home may be repossessed if you do not keep up with repayments on your mortgage.

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