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Porting a B2L Mortgage
haribol7
Posts: 1 Newbie
Has anyone ever tried to port a mortgage on a buy-to-let property and been refused? It has just happened to me and I am wondering if this was done in order to snatch a redemption penalty. The reasons for not lending on the new property - the one to which the old mortgage was to be ported - don't stand up. I am going to make a complaint to the lender, but am wondering if anyone else has ever had a similar experience and been more than a little suspicious about the reasons given for refusing to lend when a B2L mortgage was being ported.
Haribol7
Haribol7
0
Comments
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No, our lender agreed to port the mortgage to another house if we find a new one within 3 months of completion on the old house! Pretty nice of them, in my mind, but we're not taking them up on the offer.Everything that is supposed to be in heaven is already here on earth.
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I honestly doubt a lender would decline the mortgage purely to "snatch" the redemption penalty.
But their decision to lend on a new property is dependent on more than just the property - your income, your conduct of the existing account, your credit rating, all come into the equation.
That said, porting is always dependent on the lender's willingness to offer a loan on the new property. If it (or you) don't meet their criteria for whatever reason, that's their choice.0
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