Porting FAQs

What is porting?

Porting is where you can transfer your existing PBS mortgage product (including all the product features, such as the interest rate and the date the product ends)with you to your new home, providing your home is within England and Wales.

Porting means you do not need to worry about finding a new mortgage product (providing you are borrowing the same amount or less). Please contact our mortgage team on 0330 3334002 or visit your local branch to discuss eligibility.

Am I eligible to transfer my mortgage?

If you decide to transfer your mortgage to a new property, you will have to go through a new application process. We will assess your information and the new property at the time to ensure that you meet Principality Building Society’s lending criteria and that transferring your existing PBS mortgage product is the best option for you.

Please contact our mortgage team on 0330 3334002 or visit your local branch to discuss eligibility.

What are the rules around transferring my mortgage?

In order to transfer your existing mortgage product to your new property the rules below apply:

  • You can only transfer the mortgage until the date the interest rate applicable to your existing mortgage product (e.g. fixed or discounted rate) ends. The interest rate that you are transferring to your new home will only apply for the remaining period which would have applied to your existing mortgage account.
  • You must redeem (pay off) your existing mortgage account and open a new mortgage account with Principality. This new mortgage account must be on the same terms (including the same interest rate) as your existing mortgage account.
  • If you redeem your existing mortgage within the final 90 days of the term applicable to your existing mortgage product, the Early Repayment Charge (ERC) applicable will be waived providing you select a new product from the Principality’s new product range for the new property. This is on the condition that you pay off your existing mortgage and complete on the new mortgage at the same time.

Can I borrow any more or any less than my current mortgage amount?

The amount that you wish to transfer to your new property must be either the same as or less than your current mortgage balance. If you decide to borrow less then you will need to pay an ERC on the balance that isn’t being transferred. Please see ‘Early repayment’ section of your illustration and offer document.

What if I want to borrow more money at the same time as porting my mortgage on to the new property?

If you wish to borrow more money at the same time as transferring your existing mortgage account to your new property, you will need to select another product from our product range for the additional borrowing amount. The terms of the new product will apply only to the additional borrowing.

Will the Early Repayment Charge still apply if I transfer my mortgage to the new property?

If an ERC applies to your mortgage at the time you redeem, you must pay the ERC in full at the same time.

However, if you transfer your existing mortgage to your new property on the same date you purchase your new home or within 6 months of the date you repay your existing mortgage account, we will refund any ERC you have paid.

A refunded ERC may be reduced on a pro rata basis if you do not transfer the full balance outstanding on your existing mortgage account to your new property.

Further information on ERC’s can be found on your illustration or offer document.

I have a flexible mortgage; can I transfer this to my new home?

If you have a flexible mortgage only the original (Primary) account can be transferred. Any additional borrowing or accounts that you have taken out must be fully paid off and cannot be transferred onto your new property.

Will I receive any incentives from my original offer when transferring my mortgage?

Any incentives that you received as part of your original mortgage offer, such as a free valuation, cash back or free legal advice will not be applicable when transferring your mortgage to your new home.

Are there any instances whereby I can’t transfer my mortgage?

The following instances are when you are unable to transfer the mortgage on to the new property:

  • The Property is outside of England and Wales
  • You are not eligible and have not met the Principality’s lending criteria at the time or transferring your mortgage is not the best option available to you
  • The property is not eligible and has not met the Principality’s lending criteria
  • You are looking to transfer the mortgage onto a property that you already own
  • You are opting not to transfer your mortgage on its existing terms

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