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Changes to ERC refund window for non-simultaneous porting
To support existing customers moving home during the pandemic, where redemption of the existing mortgage and purchase of the new property was non-simultaneous, we temporarily extended the ERC refund window. With effect from 1 January 2022 the ERC refund window for non-simultaneous porting will change as follows:
- Standard purchase cases (non-new build) will revert back to three months (currently five months) in total
- New build purchase cases will revert back to six months (currently 8 months) in total
Please remember Flexible Offset porting has always been excluded from this policy and will continue to be excluded. If your client is porting a Flexible Offset mortgage, redemption and completion must be on the same day (simultaneous).