How do i port my mortgage

mbt1

I wonder if anyone can help? We have a mortgage which is aparently "portable" and we are looking into possibly moving. The problem comes when I spoke to our Lender Mortgages PLc (Merrill Lynch) and they dont know what to do, and cant give any advice. In the mortgage offer it does state that it is portable but thats about it.

So what I'm really asking is how can we do it? And what is the normal criteria etc? Any advise help would be appreciated.

Thanks Mark

DVardysShadow

If the offer states that it is portable, does it actually mean that the offer was portable? As you now have the mortgage, the mortgage itself might not be portable?

beecher

You have no automatic right to port your mortgage as it depends on the criteria of the lender which will vary. You need to have an LTV which is acceptable, and the normal salary checks/credit checks will be done too.

I don't understand why your lender is saying they don't know what to do - you need to phone them back and hopefully get more help.

_Andy_

MPLC are portable but it will be treated as a new application.
MPLC are no longer doing new business so I doubt you wouldn't be able to get any further borrowing with them.