Portable Mortgage not porting interest rate

Big_Begonia

Hi there,

I eventually managed to sell my house and complete on 27th May 2009. I knew I was going to be moving house so when choosing my mortgage product I picked a portable mortgage with the Halifax. My interest rate is .64% and I understood that as long as I bought another property within three months of completion that I could port my product and benefit from low interest rates going on to a standard variable Feb 2010 at 3.3%. Unfortunately, shortly after selling my house, my mother became ill and subsequently died at the end of May. I started looking at suitable properties after that and my financial adviser agreed as long as I completed by mid August I could port the product. I have been told by the Halifax that the interest rate is only portable if I purchase and sell simultaneously. However, I still have 3 months to reclaim my £2,700 redemption fee. There seems no benefit to having this portable mortgage. Also I am being treated like a first time buyer and have to reapply for my mortgage as if I am now buying a new mortgage product. I would be grateful for any advice... Many thanks

opinions4u

I understood that as long as I bought another property within three months of completion that I could port my product

What does it say in the mortgage offer / terms and conditions / key facts documents for that mortgage?

From memory, portability only applied if the new mortgage completed simultaneously to the old one being repaid.

Only if the legal paperwork that you have contradicts that do you have a case to complain.

Big_Begonia

Thank you for your response. Unfortunately I can't find the original contract, however, this is not looking good for me and my financial advisor who sold the product to me seems equally as shocked by this. It is an expensive lesson to learn...