mortgage portability

blounts

I took out a mortgage i believed to be portable with an excellent rate. My offer letter clearly states the mortgage is portable. Now I have come to sell the property they are saying no. I have ben to the ombudsman and they have sided with the society saying mortgages are never really portable as each one is a new contract. I have argued as to why they state it in the offer letter then. Can they do this?

_Andy_

What was the reason for declining the mortgage porting?
Which lender is this?

herbiesjp

Porting is never guaranteed

As it is indeed treated like a new mortgage application, and you will need to meet the underwriting criteria at that point in time.

blounts

The decision to not allow me to port was not based upon any lending criteria, it was a straight no before we got to that stage. The reason given was that the mortgage was not portable. My mortgage offer letter reads as follows;
What Happens If you Move House – if you move house, you may continue with your existing mortage product or take out one of the products available to new customers.
The lender is Stroud and Swindon.

herbiesjp

Well that does not seem right

If it was an option, but you did not meet criteria, then that would be one thing

However, they are simply saying no, even though the offer letter says you can

Something does not add up