Many of our mortgages have early repayment charges during the initial discount or fixed period, however these products are usually portable to your new home. You can check whether such charges apply by reading the mortgage offer or illustration from when you took your current mortgage scheme.

If you are thinking of moving home and have early repayment charges on your existing mortgage, then talk to us and we’ll advise you of the best way forward.

For example, you may wish to move home and only borrow the same amount as you owe now -

  • Your existing mortgage will be redeemed;
  • You will apply to us for a new mortgage (subject to full underwriting);
  • You may ‘port’ the existing mortgage scheme to your new home and this will continue to run until expiry;
  • You will not pay any early repayment charges.

Or, you may wish to move home and borrow more than you owe on your current mortgage –

  • All of the above will still apply on the amount you currently owe. You will be advised accordingly on a suitable scheme for the extra amount required.

Or, you may sell your home and rent for a while until you find a suitable property to buy –

  • Most of the above will still apply;

Except that –

  • Any early repayment charges will be payable, however,
  • This amount will be refunded providing you take your new mortgage with the Vernon within 6 months.

Or, you may sell your home and not require a future mortgage –

  • You will be liable to pay any early repayment charges that may be due.

If you require any more information or would like to discuss your options, please do not hesitate to call us on 0161 429 6262.