Your questions answered
If I'm in the middle of a promotional rate, can I take my rate to my new home?
Yes absolutely. You can port your current mortgage rate to your new property and carry over any discounts or special conditions. You also carry over your Early Repayment Charges (ERCs) and any promotional periods will remain the same.
Please note you're transferring your mortgage rate only. A mortgage loan is secured on a particular property. You'll need to apply to us for a new mortgage loan for your new property as it will be unknown to us and your circumstances may also have changed since you last agreed a mortgage with us. The application will be subject to the terms and conditions in effect at the time of submission. Please see our guide to Moving House and Porting Your Mortgage Rate guide (PDF). For further information call us on 0845 300 8000* or email us at customer.advantage@boipluk.co.uk
Can I move to a different mortgage type, e.g. changing from a Standard to a Buy to Let mortgage?
When porting or moving your mortgage to another home, you must transfer your rate to the same type of mortgage you originally applied for (e.g. Standard Residential to Standard Residential or Buy to Let to Buy to Let).
What happens if my new mortgage is smaller than my current mortgage?
This is absolutely fine, however if you're in the middle of a promotional period with us and want to port the rate, Early Repayment Charges (ERCs) would be payable on the difference in the mortgage amounts.
Can I borrow more money when I move home?
Depending on your circumstances you may be able to increase your mortgage and borrow more money at another promotional rate.
This will depend on a number of factors such as whether your income has changed since you last arranged your mortgage as well as the purchase price of your new property, which could affect your Loan to Value (LTV).
What is meant by Loan to Value (LTV)?
The Loan to Value (LTV) is the amount of your existing loan as a percentage of the value of your property. For example if your outstanding mortgage balance is £75,000 and your property is worth approximately £150,000, your current LTV would be 50%.
How much deposit will I need?
This is dependent on the product you choose. If for example your chosen product has a maximum Loan to Value (LTV) of 75%, you will need at least 25% of the purchase price of the property as a deposit.