Cymraeg

Portability Rules

If you want to move your Principality mortgage to a new property, these are our current rules:

They apply to all mortgages on our current terms. 

You should also check your mortgage offer for the rules on porting your mortgage.

  1. The Special Rate of Interest is the rate of interest applied to your mortgage before it switches to the Principality Building Society’s Standard Variable Rate of Interest. The Special Rate of Interest is portable to another property in England or Wales, as long as:
    1. You port your mortgage before the date your Special Rate of Interest ends;
    2. You submit a new mortgage application and it is approved.  You and your new property must meet our current lending criteria at the time of the transfer;
    3. You don’t already own the new property when you transfer the Special Rate of Interest;
    4. You transfer your mortgage loan on its existing terms; and
    5. You understand that any incentives attached to your current mortgage, for example, free valuation, cash back facility or no legal fees do not apply to your new mortgage account on porting.
  2. The amount you transfer to your new property at the Special Rate of Interest can be less than the mortgage balance left to pay at the time of transfer as long as you agree to pay a pro rata Early Repayment Charge for the part of the balance not being transferred.
  3. To transfer your Special Rate of Interest to another property, you must close your existing mortgage account and open a new mortgage account with us.
    Your new mortgage account’s Special Rate of Interest and any Early Repayment Charge (ERC) linked to it only applies for the time that the Special Rate of Interest and any ERC applied to the mortgage account you closed.
  4. To port your Special Rate of Interest, your new mortgage account must achieve legal completion within 6 months of the date you repaid your existing account in full.
  5. If you transfer your Special Rate of Interest, you must pay an Early Repayment Charge on closing your existing mortgage account, unless this occurs at the same time as legal completion on your new property. Your solicitor must inform us if closure and completion are happening at the same time.  If they don’t inform us, you’ll have to pay an Early Repayment Charge.
  6. If you comply with (3) and (4) we’ll refund any Early Repayment Charge you have paid for your closed mortgage account. This may be reduced on a pro rata basis to reflect a reduction in the amount borrowed on the new mortgage account.
  7. If you want to borrow more money, you must select another mortgage from our range at the time. The terms of this new mortgage will apply to the additional borrowing.