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FOR THE USE OF MORTGAGE INTERMEDIARIES & OTHER PROFESSIONALS ONLY

FOR THE USE OF MORTGAGE INTERMEDIARIES & OTHER PROFESSIONALS ONLY

Portability

Keying porting applications

Porting like for like:
Add an applicant and select “Existing TSB Borrower”.
Make sure the “Primary mortgage account number” and “Security address postcode” are left blank.
Once a decision in principal has been accepted you will need to contact our Telephone Business Development Managers via your regional case management team (option 3) for the product to be manually built.

Porting with reduction:
Add an applicant and select “Existing TSB Borrower”.
Make sure the “Primary mortgage account number” and “Security address postcode” are left blank.
Once a decision in principal has been accepted you will need to contact our Telephone Business Development Managers via your regional case management team (option 3) for the product to be manually built.

Porting with top up but not simultaneous completion:
Add an applicant and select “Existing TSB Borrower”.
Make sure the “Primary mortgage account number” and “Security address postcode” are left blank.
Once a decision in principal has been accepted you will need to contact our Telephone Business Development Managers via your regional case management team (option 3) for the product to be manually built.

Porting with top-up and with simultaneous completion:
Add an applicant and select “Existing TSB Borrower”.
Key the “Primary mortgage account number” and “Security address postcode”.
Proceed through the decision in principal and full mortgage application as normal.

More porting information

  • Where one applicant is porting their mortgage and adding a First Time Buyer to the application, you must key the First Time Buyer applicant as an Existing TSB Borrower. Any additional borrowing as part of the application will be eligible for the home mover products.
  • For applications where one applicant is a First Time Buyer and one applicant has an existing TSB mortgage, and they're not porting their mortgage, you must key the existing TSB borrower as a Borrower with other lender (do not select the existing mortgage on the create new case screen in Mortgage Pro). The application will be eligible for the FTB products on the total loan amount.
  • You can usually obtain an ESIS for ported products from the TSB Mortgage Pro system – if your scenario isn’t supported, please contact us via your regional case management team (option 3).
  • Proc fees apply to the total amount of the new loan, not just top-up borrowing.
  • Portable products are available up to our maximum loan to value limits at the time of applying.
  • Mortgage Pro allows you to port a scheme product to a non schemed mortgage and a non schemed product to a schemed mortgage.
  • Porting to an unencumbered owned property is acceptable as a remortgage.
  • Buy-to-Let products cannot be ported onto a residential property and residential products cannot be ported onto Buy-to-Let properties.
  • If there are less than 3 months left to run on the existing product you can ask us for an ERC Waiver as long as applying for a new TSB Mortgage and select a new product on the whole loan.
  • Applicants are unable to port a product onto a property where there is an existing mortgage in place.

Early Repayment Charges (ERCs)

Simultaneous porting

  • If the porting is simultaneous, i.e. the new loan starts on the same day the existing one is redeemed, our processing team will add a note to the case to ensure that ERCs are waived – please ensure you let us know that the transactions are planned to be simultaneous.
  • Where a customer is porting a reduced amount because this is the amount they require for the new purchase or is the maximum they can borrow, the full ERC will be waived.
  • If the customer is porting <90% of the mortgage balance or sub account and wants to take other borrowing on a new rate which would cover the amount they are not porting, a partial ERC would be charged.  If porting > 90% the whole ERC will be waived.

Non-simultaneous porting

If the redemption and completion of the existing and new mortgage are not simultaneous the following applies:

  • The applicant(s) will be required to pay any ERCs at the point of redemption. Once the new mortgage completes, eligible applicant(s) can request a refund of the ERC.
  • Where a customer is porting a reduced amount because this is the amount they require for the new purchase or is the maximum they can borrow, the full ERC will be waived.
  • If the customer is porting <90% of the mortgage balance or sub account and wants to take other borrowing on a new rate which would cover the amount they are not porting, a partial ERC would be charged.
  • A new mortgage application to port the original rate must have been fully submitted within a maximum of three months from the date of the redemption of the existing mortgage to port the original rate and qualify for refund of the ERCs (for account numbers starting with 20 or 40)
  • Loans with account numbers beginning 50, 30, 77 and 87 may have different rules. Please check with us.