Moving home
Transferring your Lifetime Mortgage to a new home
Over time you could find that your home no longer meets your needs. You may want to relocate, downsize or just find somewhere new. You may be able to transfer – or port – your mortgage to your new home.
Moving home can take a considerable amount of time, depending on the complexities of the sale and purchase. The legal processes to transfer your mortgage can take up to 12 weeks.
If you’re thinking of moving home, read the information below then contact us as soon as possible to understand your options.
Thinking of moving
When you are thinking about moving home there is lots to consider. By letting us know using our enquiry form, we can give an indication of whether properties you like would meet our lending criteria. We can also help you understand the costs involved and how long it could take.
You should also:
When you’ve found a property, you need to check that we will transfer your lifetime mortgage to it. You should complete an enquiry form and can upload the sales particulars and the details of your solicitor if you have them.
To be sure that we are able to lend on your new property our independent surveyors will carry out a valuation. You’ll need to make a payment to us covering the cost of this. The cost is detailed in our Tariff of Charges.
At this point we’ll instruct our solicitors and will need the details of yours, to start the legal processes.
If we’re happy with the property valuation, we’ll send you an Offer of Loan with all the details about how the move will affect your lifetime mortgage, any special conditions and any repayments needed.
If we’re not able to transfer your lifetime mortgage to the property, we’ll explain your other options.
Our solicitors will be in contact with yours to progress the necessary legal processes before you can move. This can take up to 12 weeks and you can find out more under ‘legal processes’.
Congratulations! When you’ve completed all the legal processes you can look forward to moving into your new home.
Legal processes
The legal process for moving home and transferring your mortgage is known as conveyancing. It can take a considerable amount of time as solicitors are ensuring that all the legal considerations are covered before you can complete on your purchase.
This may be a stressful time as pressure builds to set a moving date. Talk to your solicitor to keep informed of what is happening and timescales. Do not make any commitments on dates without speaking to them.
The stages involved in conveyancing are:
Initial instructions
Our solicitors send details and the required documents to your solicitors requesting draft contract papers.
Title check
When they receive the draft contract papers, our solicitors conduct a title check and raise any necessary enquiries.
Offer of Loan
We send you the Offer of Loan, and our solicitors send the mortgage documentation to your solicitors, highlighting any special conditions.
Resolving enquiries
The solicitors work together to resolve any enquiries and special conditions.
Review and sign
Your solicitors will review the documentation with you in a face to face meeting, then forward the signed documents to us.
Authority to exchange
Once all enquiries and conditions are satisfied, our solicitors issue the authority to exchange to your solicitors.
Exchange contracts
The solicitors exchange contracts and agree a completion date. Our solicitor will request any final repayments needed and issue authority to complete.
Completion
Your solicitors or estate agent will call you to confirm completion of sale and organise for you to pick up the keys. We’ll then write to you confirming everything has been transferred to your new property.
Ready to find out more?
To find out if you’re able to transfer your lifetime mortgage to a new property enquire using our form.
Contact us
Our dedicated customer services team are always happy to help with your questions on porting.
Call us on:
03330 048444
Monday to Friday 8.30am to 5.30pm.
We may record and monitor calls.
Alternatively you can email us:
Make sure you don't include any personal, financial or banking information as email is not a secure method of communication.