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.
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.
- They are taking a new deal with Nationwide, or are porting and reducing their loan amount. Please refer to your client's mortgage offer to see when their deal period ends. All our mortgage products are true term products.
- We can’t accept purchase applications from existing borrowers moving home who intend to remortgage their existing property as a Buy to Let, unless the new lender will be The Mortgage Works. The existing Nationwide mortgage can’t be transferred to any other lender.
- 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.
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, please call our technical support team for further information.
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).
How to submit a Porting Case
You can produce Mortgage Illustrations for ported cases and submit applications via NFI Online. The Mortgage Illustration is produced as part of the product selection stage of the application.
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 Manual Mortgage Illustration Request form:
- 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)
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, or are porting and reducing their loan amount. Please refer to your client’s mortgage offer for more details.
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 4.24% 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.