Portable Mortgage

2520years

Hi all you experts!

Quick question:

We think we'll sell our house tomorrow (hurrah!) We know our mortgage (with A&L) is portable.

We also have a rental property that's just become empty, so we're considering moving there temporarily (we said 'no chain' on the advert).

How long do you think A&L will keep our mortgage open for?
For example, if we find a house that needs some renovation, it might take 6 weeks to buy then another 6 weeks to renovate.

Is it done on a case by case basis, or is it a set time?

Thanks all.

feisty1

• The Repayment Charge will not be charged if the borrower immediately transfers their existing fixed/capped or discounted rate borrowing to the new property for the remainder of the fixed/capped or discounted rate period.

Check criteria on 0844 800 0080

2520years

They said it's like taking out a new mortgage, i.e. you go through the credit checks again. Mind you, we could probably get a better deal now - we're paying 4.99%, which was great at the time.

silvercar

You do need to check with the lender. Although they will not charge if you immediately transfer your mortgage to a new property, they often charge and then refund the charge if you take your new mortgage out within a set time. I know I had 6 months before the charge would not be refunded.