What are your client’s options when porting and moving?
If your client is looking to move, you could help them port their rate to a new property or take out a new loan with us. All rates are portable, subject to the terms and conditions of the original Mortgage Offer, current lending criteria and affordability. If your client isn’t tied into a promotional rate and is happy to pay any Early Repayment Charges (ERCs), they can apply for a new product for their new property.
Your client can apply to ‘top up’ from our product range if they need to borrow more to purchase their new property.
If the property your client is moving to costs less than their existing property, they may want to borrow less than their existing mortgage. To do this, they can port their current rate and redeem part of their mortgage. ERCs will apply to the amount they redeem if they're within their promotional period.
What do you need to know about porting and moving?
- To be eligible for this porting window the new mortgage application must be received prior to the existing mortgage being redeemed.
- If your client can’t complete on their new property on the same day that they redeem their current mortgage, they can benefit from a 3 month porting ‘window’ in which to complete.
- They have 3 months from the day of redemption to complete on their new property.
- ERCs must be paid up front. They are refundable upon or after completion, providing this happens within the 3 month window.
- We’ll pay a proc fee on the ‘top up’ amount; 0.4% for Residential mortgages and 0.5% for Buy to Let.
- If your client is porting a reduced balance, they can make use of any unused overpayment allowance for the financial year (10% as standard). They’ll need to make the overpayment 5 working days before redeeming the existing mortgage, to make sure it’s reflected on the redemption statement.
- If your client is porting a reduced balance, the ERCs are paid on the amount they are reducing their mortgage by and are non-refundable.
- ERCs must be paid up front. They are refundable upon or after completion, providing this happens within the 3 month porting window.
- The balance of your client's new mortgage will play a part whether this is possible. If they borrow less, ERCs will apply to the amount they redeem if they're within their promotional period.
- If your client has changed their name since the original mortgage was taken out, they will need to call us to amend this prior to starting the porting process on 0345 602 7056 (option 3).
- Lines are open 9am – 5pm Monday – Friday. Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.
- To port your client’s mortgage you'll need to be registered and able to submit business with Bank of Ireland for Intermediaries, so we can verify you. If you’re not sure if you’re registered or whether you can submit business with us, please call your TBDM and they'll let you know. If not, they'll explain how to register.
- ERCs will be waived if an ERC Waiver form has been completed by your client's Solicitor prior to redemption.
- Valuations are instructed once the case has been accepted and any related valuation fee paid. The case will be passed to underwriting once fully packaged. Clients can call our Intermediary Enquiry Line on 0345 266 8928* to pay the valuation fee once they've received their mortgage illustration.
*Lines are open 9am - 5pm Monday - Friday. Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.
How do you port your client’s mortgage?
To port your client’s mortgage, please contact your TBDM. They'll take you through the application process and make sure you have all the important information you need.
Before you call us, please make sure you have the following information ready for security purposes:
- Client's account number
- Client's name
- Client’s date of birth
Once your TBDM has run through the porting application process with you they'll email all the documents you need to complete, as well as instructions on how you can return these and any supporting information to us.