All MPowered residential mortgages are portable.
A valuation will be required on the new security address and the new property must meet our normal lending terms and requirements. For a porting case (without additional borrowing), we would expect that our overall risk to remain broadly unaffected (property and LTV).
Where additional borrowing is required, standard affordability and credit checks will be undertaken to ensure that the whole amount of the borrowing will be affordable.
For simultaneous ports i.e. those where sale and completion occur on the same day, ERCs will not be charged. Where this does not occur, ERCs will be charged but will be refunded should the customers move home within 90 days of redemption and chose to port their previous mortgage.
For customers porting their mortgage and reducing their loan size, we will allow up to 25% of their balance to be ERC free. Any amount over the 25% will be charged the applicable ERC amount. Please note, this does not apply if full redemption occurs.