Porting your client’s mortgage is where your client is buying a new home, but they’re keeping their existing mortgage product. So, you ’port’ this from their current home to their new one.
Benefits of porting:
Your client could keep their existing rate and avoid any early repayment charges
If your client is in the final 6 months of an existing product, they can port and
a new product can be chosen at the same time, without having to wait for their existing
product to end
If the porting application is submitted within 6 months of the previous property being
sold, we may refund any early repayment charges
Key information
It is for new purchases only and your client will need to meet our new lending criteria
Choose a product from the new lending range if a top up loan is required
Up to 4.49x Loan to Income (LTI)
They may not be eligible for a higher loan amount
Any annual interest products will switch to daily interest as part of the porting
process
Shared ownership products can only be ported to a new shared ownership property
They cannot port shared equity, right to buy, first home or help to buy mortgages
Processes may take longer if additional changes are made (e.g transfer of equity or
additional borrowing)
Once approved, their offer document can take up to 5 working days to be produced
Early repayment charges
In some circumstances, we can waive early repayment charges. We may do this if your
client is borrowing the same or more than their current mortgage, and if the previous
mortgage and the new mortgage redeem and complete on the same day
If there's a delay between redemption and completion, your client must pay the early
repayment charges in full. As long as the new mortgage is submitted within 6 months
of the previous property being sold, they'll receive a refund 14 days after completion
of the new mortgage.
If your client is looking to borrow less than their current balance, we'll issue a
refund of early repayment charges for the balance that has been ported.
We can look to waive early repayment charges for:
Shared Ownership to Residential (staircasing to 100%)
Shared Equity, Right to Buy, First Homes and Help to Buy to Residential
Steps to submit a porting application
Follow the steps and fill in the documents on this page to submit a porting application.
You can complete the documents digitally and send them via email to speed up the process.
Step 1
Get a mortgage illustration
To get an illustration for a porting case, please use our illustration request form.
Please quote the application reference in the subject box.
Porting - Common questions
Once we’ve assessed the decision in principle, we’ll give you a reference number for the porting application. Include this reference in the subject line of any emails and quote it when you call for updates.
Your client already has an existing Leeds Building Society account number which needs to be input on the mortgage application form but isn’t needed anywhere else. Please be careful not to confuse the client’s account number with the porting reference number, as doing so may cause delays.
There are two ways to request amendments. You can call our Mortgage Service Desk on 03458 480 061 to discuss the changes you need to make, and they’ll send the information to the underwriting team to update.
Alternatively, you can send an email to LBSsecurecomms@leedsbuildingsociety.co.uk with instructions on what you’d like to change. Don’t forget to include the application reference in the subject box.
Case updates will be sent via email. Alternatively, you can call our Mortgage Service Desk on 03458 480 061 to get an update as well as make payments for any outstanding fees.
An automated email comes through when the case is offered on the system. Due to the nature of the application, the offer can take five working days to be produced and sent to yourself and the client.
The first payment will be taken 14 days after the funds are released. We’ll also send a letter to the customer to confirm what the payment will be. This payment will cover the initial interest but may also include the first full monthly payment as well.
If the customer’s preferred payment date is within these 14 days, we'll take the interest payment and the first regular monthly payment. This means one larger than normal payment, with the regular payment starting the following month.
If the customer's preferred payment date is after these 14 days, we'll take the initial interest payment and then take the first regular payment on their preferred payment date. This may mean two payments in the same month, initial interest and the first regular payment.
We'll pay a 0.40% procuration fee of the loan amount as shown in the offer for residential lending and 0.50% for buy to let lending.
We'll pay the procuration fee on the 15th day of the month following completion of your client's mortgage to your chosen payment route. These payments can take two working days to reach your chosen payment route. If the 15th lands on a weekend or bank holiday, the procuration fee will be processed on the next working day.