Porting A Santander mortgage; | Can I Port My Santander Mortgage?  (2024)

If you’re an existing Santander mortgage customer looking to move home , you may be wondering what your mortgage options are. Can you take your mortgage to the new property with you and if so is it the right thing to do? Ultimately there are several factors and considerations, this guide will break down your options.

Can I move my Santander mortgage to a new property?

Most Santander mortgages are portable, subject to affordability and criteria being met. It’s important to check the terms of your mortgage, which can usually be found either on your original mortgage offer or by contacting them directly. While the mortgage itself may be portable, it’s important to understand that this does not guarantee acceptance. The application is subject to underwriting, and the process is very similar to any other non-porting application.

What are your mortgage options when moving home?

There are several scenarios you may consider when moving home, and the best option for you will depend on your own circ*mstances and preferences:

– Stay with the same lender: This option may allow you to avoid exit fees if you’re moving midway through a fixed-rate term.

– Stay with the same lender and borrow the same amount.

– Stay with the same lender and borrow more: This is subject to affordability and criteria. The additional borrowing will usually be on a different rate than the existing ported mortgage.

– Stay with the same lender and borrow less.

– Switch to a new lender: This may involve an exit fee if you’re midway through a fixed-rate term.

– Change the length and repayment type of the mortgage: It’s sometimes possible to adjust the length or repayment set of your mortgage term when porting a Santander mortgage. For example, if you are significantly increasing your borrowing, you may want a longer term to accommodate, or vice versa when taking a smaller mortgage.

Benefits of Santander porting

Your points are well articulated, but here’s a refined version for clarity and coherence:

There are potentially numerous benefits to porting a mortgage with Santander:

– Saving money on exit fees: For instance, if you’re tied into a £200,000 mortgage with a 5% Early Repayment Charge (ERC), redeeming your mortgage to move to another lender could incur a fee of £10,000. Porting your mortgage may help you avoid this expense.

– Saving money on rates: If rates have increased or less attractive options are available, porting your mortgage can be advantageous. For example, if you secured a rate at 2% on your current mortgage and the rate when you look to move is 4%, porting may allow you to continue enjoying your lower rate for the remainder of the product term.

– Potentially easier process: As the lender has a history with you and your information, the porting process may be smoother and quicker compared to starting afresh with a new lender.

Drawbacks to porting

There can be some potential drawbacks to porting:

– Limitations with current lender: Your current lender may not offer the terms you require. Other lenders may provide higher borrowing amounts or offer more favorable terms, such as longer mortgage terms, cheaper rates, or more suitable products like offset or tracker mortgages, which your current lender may not offer. The mortgage you originally took may have been suitable then but may not meet your needs now.

– Rate comparison: It’s important to compare the trade-off between potentially saving on Early Repayment Charges (ERCs) with any difference in interest rates.

– Multiple sub-accounts: If you borrow additionally, the additional borrowing will be placed on a separate sub-account. While not necessarily a problem, having multiple sections to your mortgage can create issues when remortgaging because the fixed-rate end dates may not align. For example, your existing mortgage may end on June 30, 2027, but your top-up borrowing may have a fixed interest rate until September 2027.

What is the Santander mortgage porting process?

The process for porting your mortgage with Santander is similar to any other mortgage application, but with a few nuances:

1. Consult a mortgage broker: They will calculate the equity in your existing property, consider any additional funds needed for the move, factor in associated costs, and determine the mortgage amount required. They will then assess both porting options with Santander and offerings from other lenders to find the best fit for you.

2. Agreement in principle (AIP): Contrary to popular opinion, an AIP is still required for a Santander porting application. This confirms the amount you can borrow and strengthens your negotiation position when making an offer.

3. Property search and offer acceptance: Once you find a property and your offer is accepted, you can submit the mortgage application.

4. Underwriting: The mortgage application undergoes underwriting, where Santander assesses your financial situation and the property’s suitability for the loan.

How can Strive help?

While it’s possible to port your mortgage with either a broker or directly through Santander, working with a broker offers several advantages. A broker provides a more holistic view, reviewing all lender options rather than focusing solely on Santander.

Additionally, brokers may have access to exclusive rates that cannot be secured directly. Furthermore, the process may be more streamlined through a broker, potentially resulting in shorter wait times compared to dealing with banks directly.

At Strive, we have vast experience assisting homeowners with moving home and have arranged thousands of Santander mortgages for our clients.


Are there fees to port a mortgage?

It depends. If you’re borrowing additionally, there may be product fees, and there could be valuation fees, but no fees specifically for porting.

Can I be declined when porting my Santander mortgage?

Yes, the underwriting process is very similar to any other application, and you could be refused if you do not meet affordability or criteria.

What are Santander porting rates?

The porting element will be the same as your current product, and the additional borrowing will be based on the prevailing rates on the day of application. Typically, 2, 3, and 5-year fixed rates are offered, as well as 2-year trackers.

Is it cheaper to port a mortgage?

It depends on the terms available to you. If rates have increased since you took out the original mortgage you intend to port, then potentially.

Can I transfer my Santander mortgage to a new property?

Yes, subject to criteria, affordability, and credit checks, assuming your product is portable.

Do I need good credit to transfer my mortgage?

A credit check will be conducted. Santander usually insists on reasonable credit. If you are not increasing your borrowing or loan-to-value, they may be more lenient.

Contact us today,and we’ll work hard on your behalf to find you a competitive mortgage.

For more information on mortgages for contractors, pleasecontacta member of the Strive team, by emailinginfo@strivemortgages.co.ukor call us on 01273 002697.

Porting A Santander mortgage; | Can I Port My Santander Mortgage?  (2024)


Porting A Santander mortgage; | Can I Port My Santander Mortgage? ? ›

Options Offered by Santander for Moving Home

Does Santander allow mortgage porting? ›

If you also want to borrow more, you can apply to take a new deal from our current range. For most types of mortgage, you can port your existing mortgage as long as you complete on your new home within three months of paying off your existing mortgage.

Can you port a mortgage to a different lender? ›

These days, the majority of mortgages – whether they are fixed or variable – are portable. However, some smaller or more specialist lenders may not offer portable deals. It's also less common among buy-to-let mortgages. Always check the specifics of your mortgage agreement to see if porting is an option for you.

Can you port your mortgage to a different bank? ›

Some lenders allow mortgage porting, while others do not. If you're planning to move home during the term of a mortgage, this is a very important feature to have. A mortgage broker will be able to tell you which lenders are portable. Finally, not all mortgages are portable.

How do I know if my mortgage can be ported? ›

To know for sure whether you can port your mortgage you'll need to talk to your mortgage representative. There are some general conditions for being approved for porting your mortgage however. First of all, most lenders will only port a fixed rate mortgage.

Is there a penalty for porting a mortgage? ›

Porting or transferring your mortgage means transferring every aspect of your existing mortgage, including the interest rate, remaining term, amortization, terms and conditions, and mortgage balance, to a new property without penalty.

What is the 6 month rule for Santander mortgage? ›

If it's more than 6 months, you'd need to pay your early repayment charge (ERC) to get out of your current deal early. You can find your ERC in Online Banking, the mobile app or in your annual mortgage statement.

What lenders allow mortgage porting? ›

Bank of America Wells Fargo Chase U.S. Bank PNC Bank First Republic Bank Capital One Quicken Loans Mortgage Porting is the process of transferring your existing mortgage from one property to another. This allows you to keep your current interest rate, term, and other terms and conditions when you move.

How hard is it to port a mortgage? ›

A mortgage provider will want to see at least two or three years of income records and tax returns to estimate your average annual income. It may be more difficult to port a mortgage if your employment status is considered a higher risk, such as being newly self-employed or within a probationary employment period.

What checks are done when porting a mortgage? ›

They consider your income, outgoings, debt and credit history before lending to you. If you don't pass their affordability checks, they may refuse to port your mortgage. Even if you're still meeting your monthly mortgage payments.

What are the disadvantages of porting a mortgage? ›

The cons of mortgage portability

Another thing to keep in mind is that you may not be able to take advantage of better mortgage rates or terms that are available on the market. If you port your mortgage, you're locked into your existing rates and terms, so you won't have the option to shop around for a better deal.

Are there fees to port a mortgage? ›

If porting, you will still have certain additional fees to pay, including valuation fees, arrangement fees, legal fees and possibly a small exit/transfer fee.

Is there a penalty for switching a mortgage? ›

If you want to switch providers partway through your mortgage term, you'll have to break your mortgage term and pay a prepayment penalty to your current lender. If you have a collateral mortgage, you can't simply switch providers using the method outlined above.

Is Santander mortgage portable? ›

Options Offered by Santander for Moving Home

Porting your Santander fixed-rate mortgage is the act of taking your existing mortgage deal with you when you move home. With Santander, you can apply to port your current deal whether you wish to borrow more, the same amount, or less.

Can you borrow more when porting a mortgage? ›

Porting with additional borrowing

If you need to borrow more than the amount on your existing mortgage. You can port your existing mortgage product to all or part of the mortgage balance. But, for the outstanding amount, the ported interest rate doesn't apply.

What if I can't port my mortgage? ›

I can't port, what do I do? If you can't, or don't want to, port your mortgage, you're left with two options as to how to proceed. Firstly, you could take out a new deal with your current lender to replace your existing mortgage, or you could take out a new mortgage with a different lender.

Do most mortgages allow porting? ›

“Mortgage porting is something homeowners looking to move but hesitant to give up their low interest rates might look into, but it's unlikely to become popular simply because it's not something most U.S. mortgage lenders and servicers offer.”

Is it difficult to port a mortgage? ›

As porting a mortgage involves a full new application and affordability assessment, you might find that even a portable mortgage is harder to move than you expected.

Why is Santander getting out of mortgages? ›

In its Q3 quarterly management statement, Santander said its decision to "optimise the balance sheet given higher funding costs" has seen a reduction of £10.1bn in mortgage lending. This was attributed by the major lender to a slower housing market and higher mortgage rates which led to a fall in applications.

Is porting a mortgage the same as remortgaging? ›

It's different from porting your mortgage because you can choose from the whole remortgaging market and the great deals available, rather than staying with your existing provider. However, you could face big costs in terms of early repayment charges, arrangement fees, and charges for your new home loan.

Top Articles
Latest Posts
Article information

Author: Virgilio Hermann JD

Last Updated:

Views: 5587

Rating: 4 / 5 (61 voted)

Reviews: 84% of readers found this page helpful

Author information

Name: Virgilio Hermann JD

Birthday: 1997-12-21

Address: 6946 Schoen Cove, Sipesshire, MO 55944

Phone: +3763365785260

Job: Accounting Engineer

Hobby: Web surfing, Rafting, Dowsing, Stand-up comedy, Ghost hunting, Swimming, Amateur radio

Introduction: My name is Virgilio Hermann JD, I am a fine, gifted, beautiful, encouraging, kind, talented, zealous person who loves writing and wants to share my knowledge and understanding with you.