Porting Policy Quiz

Not all of our mortgage products are portable

• True

• False

What does ERC stand for?

• Early repayment charge

• Early redemption charge

• Early repayment change

• Early repayment cancellation

If a customer is looking to port and keep their balance the same, what will happen with the ERC's?

• will be waived or refunded

• will get waived

• will get refunded

• they have to pay them

If a customer is looking to port and reduce their mortgage balance, what will happen with the ERC;'s?

• only applicable amount will be waived or refunded

• they have to pay them all

• will be waived or refunded

• will pay an increased ERC amount due to decreasing balance

How long do customers have to port to have the ERC's refunded?

• 3 months

• 6 months

• 12 months

• No limit

What do we call it when a customer is wanting to add or remove someone from the mortgage?

• TSM

• TPO

• TDM

• TPM

We will allow customers to 'split the port' and both take the original balance to their new mortgage (current mortgage £100k, both customers take £100k)

• True

• False

How long does it take for us to respond to an ERC waiver request from solicitors?

• 2 days

• 5 days

• 10 days

• 1 day

Do we allow brokers to submit as porting application for customers?

• Yes

• No

How would we refund any ERC's to the customer

• it gets taken off their mortgage balance

• Via direct debit

• Via cheque

• they have to go to branch to collect it