If a product is portable this is outlined in the original mortgage offer. If you have the account number you can call us to confirm eligibility on 0345 307 3355 (Option 3) before keying the application.
Early Repayment Charges (ERCs)
- If the porting is simultaneous, i.e. the new loan starts on the same day the existing one is redeemed, then our Processing team will add a note to the offer to ensure that ERCs are waived – please make sure you let us know that the transactions are planned to be simultaneous. If the new mortgage is for a smaller amount, the ERC must be paid in full on redemption of the old loan. A partial refund can be requested after completion based on the difference of the two mortgages.
- If the redemption and completion of the existing and new mortgage are not simultaneous:
- The customer will be required to pay any ERCs at the point of redemption and eligible customers can request a refund when the new mortgage completes.
- If the new mortgage is for a smaller amount, the ERC must be paid in full on redemption of the old loan. A partial refund can be requested after completion based on the difference of the two mortgages.
- We will not waive the ERC if the mortgage is redeemed prior to the product expiry.
- A new mortgage application must have been started within a maximum of three months from the date of the redemption of the existing mortgage to qualify for refund of the ERC’s (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.
- You can usually obtain an ESIS for ported products from the TSB Mortgage Pro system – if your scenario isn’t supported please call us on the above number and we will help.
- Where TSB Standard Variable Rate is the reversionary rate which applies to the product being ported, it will continue to be the reversionary rate for the ported element of the new mortgage.
- Any extra amount borrowed on the new mortgage must be on a current product and the reversionary rate which applies is the TSB Homeowner Variable Rate.
- The follow-on tracker rate on our First Time Buyer products is not portable.
- 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.
- Buy-to-Let products cannot be ported onto a residential property and residential products cannot be ported onto Buy-to-Let properties
Keying porting applications
When keying the case to TSB Mortgage Pro System you add an applicant and need to select “Existing TSB Borrower”. Our office based Business Development Managers will provide guidance on keying, next steps and how the process works if required.
Please contact our office based Business Development Managers on 0345 307 3355 (option 3) for more information.
How to certify a document
All ID documents must have the following present to satisfy certification requirements. This must be recorded by the FCA Registered Mortgage Intermediary:
- Name of the certifier;
- Title of the certifier - title is defined as describing someone’s position or job;
- Signature of the certifier;
- Date of certification, which must not be older than 3 months at the time of the application and;
- Written confirmation from the certifier stating "I hereby certify that this is a true and correct copy of the original document as sighted by me" (suggested text / variations are acceptable).