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Porting

Porting policies and processes

At a glance
Porting guidance
On this page
At a glance
Porting guidance
Porting amounts
Porting a product with less than 4 months remaining
Non-simultaneous porting
Apply for a port in just 6 easy steps
Important information
Next steps

At a glance

  • NatWest pays a procuration fee on the full application amount, not just the top up.
  • When porting you can change the borrowers, repayment method & term without incurring an ERC (early repayment charge) subject to meeting lending criteria.

Porting guidance

  • The existing mortgage needs to be redeemed but the existing property does not necessarily need to be sold i.e. can be repaid from savings or remortgaged with another lender.
  • Some Right to Buy, Green and shared equity products are not portable as standard and may require an exception. Please contact our BDA team to arrange this.
  • The existing LTV of the ported rate will not apply for the new purchase e.g. we can consider a customer that has a 70% LTV rate and is purchasing a property at 90% LTV (any additional borrowing on the new deal will be based on the new LTV rate).
  • It's acceptable for a customer to sell two properties (under the same brand) and port the rate(s) over to a new property.
  • The customer can port their mortgage to a new property providing they have made their first mortgage payment.
  • Where a like-for-like or less borrowing residential porting case declines at AIP, we can consider these where it is in the customer’s best interests and will remain an underwriting decision. Please contact our BDA’s to discuss this.
  • We only accept a Split term for mixed repayment methods (one part on Capital & Interest and one part on Interest Only).
  • For existing mortgages with split/multiple terms, these will remain acceptable where a Like-for-Like or reduced balance port is being undertaken. Any other changes will require the terms to be aligned to one term per repayment method.
  • We can only port a rate where the existing mortgage has not already been redeemed on or before the date they are applying for the new mortgage.
  • Products can only be ported to purchase a property, the customer can't port to a property they already own.
  • Where the mortgage is currently joint, the product can’t be split and must be on one property. If there is more than one product, they can both port a different product into a new property each, providing written consent is given as per below.
  • Where a borrower is changing (e.g. joint to sole) we require written consent from the party being removed is needed from the outset. This should confirm:
    • They are happy for the other party to port this mortgage product.
    • They will not be porting this rate themselves.
    • Where an Early Redemption Charge (ERC) is paid when the existing mortgage is redeemed, confirmation they are aware this will be fully refunded to the person porting the rate once the new mortgage completes.

Porting amounts

  • Where a customer is porting and requires additional funds of £10,000 or more, they will be eligible to take a New Business Rate on the additional funds.
  • Where a customer is porting and requires additional funds of £9,999 or less then the additional funds will be on the NatWest Standard Variable Rate (SVR).
  • There is no minimum balance required to allow a customer to port i.e. a balance under £25,000 can be ported.
  • If customers reduce their ported balance then a partial ERC must be paid for the amount that the borrowing is being reduced by, less any overpayment allowance, if it is tied into a product at the time of redemption.
  • Where the customer is porting and not topping up with a new business product, they will need to pay a valuation fee.
  • If the customer is already on SVR they can port their mortgage, but any additional funds borrowed need to be taken on an alternative product.  If the requested additional funds are below £10,000, then the customer must reduce their SVR balance so that the balance on the alternative product is £10,000.

Porting a product with less than 4 months remaining

  • At the time of a purchase application, where the customer’s existing mortgage rate is within 4 calendar months of the end date (expiry), they can take a new business rate on the whole mortgage. They must have a minimum balance of £10,000 and must be within this 4 month period on the date the application is submitted.
  • If the redemption and completion is simultaneous then no ERC would be paid. Where the customer is reducing their balance, please see Porting Amounts.
  • If the redemption and completion are non-simultaneous then please see Non-simultaneous porting as the same rules apply.
  • This should be keyed as a standard new purchase case – Answer “No” to the “Is this an application to port an existing NatWest mortgage?” question on the application, unless you have an element of the loan that you wish to port.
  • Please note - Where a product transfer application is active and the rate has not yet gone live, we are unable to port this product.

Non-simultaneous porting

  • A non-simultaneous port is where the customer’s new mortgage completes on a date after their existing mortgage has been redeemed. They will need to pay the ERC upon redemption.
  • The porting application must be submitted before the existing mortgage is redeemed.
  • The customer will have a maximum of 4 months from redemption of their current mortgage to complete on their new mortgage to be eligible for a refund on their ERC.
  • Where the customer is reducing their balance, please see Porting Amounts.

Apply for a port in just 6 easy steps

  1. Obtain a mortgage illustration - Mortgage illustration request form.
  2. Complete an AIP as normal (where this declines and is like for like or less borrowing please contact us). On the Mortgage Details section please ensure to answer “Yes” to “Will the client redeem this mortgage?”.
  3. At time of application, the mortgage to be ported must still be live.
  4. Proceed to Full Mortgage Application. Answer “Yes” to the “Is this an application to port an existing NatWest mortgage?” question. Under the Product section please confirm you are porting. Please then key under “Please provide details of the borrowing requirements”:
    • The case reference of the existing NatWest Mortgage.
    • The existing rate of the product to be ported.
    •  The amount and rate of any top up product (if applicable).
  5. Where approved the mortgage offer will be valid for 6 months, as standard.
  6. If the transaction is Non-Simultaneous, where an ERC refund is required, the client will need to contact us directly on 0345 302 0190 once the new mortgage has completed.

Important information

 

  • Royal Bank of Scotland – You can port a Royal Bank of Scotland mortgage to NatWest, no exception is required.
  • Track and Switch port - a customer can switch to a fixed deal without incurring an Early Repayment Charge while porting.

- The ‘Are you porting an existing NatWest product’ question should be answered as "No" as a new product will be selected.

- Our New Business fixed rate products should be used.

- Note: Where another sub-account is already on a fixed rate and this is to be ported, then key as a porting case, as normal. 

For customers of the below brands who wish to port, the customer must contact the number below directly:

  • The One Account: Contact TOA new business sales on to 0345 301 0101. Relay UK: 18001 0345 301 0101.
  • First Active: Contact First Active mortgage sales support team on 0345 301 1301. Relay UK: 18001 0345 301 0301.
  • Ulster Bank: Contact Ulster on 0345 300 6086. Relay UK: 18001 0345 300 6086.