"non portable" portable mortgage

ade3808

we have had a mortgage with the chelsea for the last 9 years, always paid on time never defaulted and have excellent credit rating.back in feb 2009 we remortgaged with the chelsea as our previous fixed rate term with them had ended. we agreed to a 5 year fixed rate which was fully portable, we decided to remortgage with the chelsea because we were exsisting borowers we didnt have to reprove our income. having had a baby the previous year my wife is now working part time so we thought we were doing the sensible thing by fixing our outgoings. the trouble is now that we want to port our portable mortgage the chelsea are saying no, and the only way to comply is to reapply and to meet their lending criteria.... which has changed since we first took out the product. we have continued to afford the payments for the last 18 months despite my wife now earning less, but the chelsea say we now do not meet their criteria. we dont want to borrow any more money, simply change our address, they are happy for us to continue at our current address for another 3 years, but not to move. any suggestions?

dunstonh

the trouble is now that we want to port our portable mortgage the chelsea are saying no, and the only way to comply is to reapply and to meet their lending criteria.... which has changed since we first took out the product.

Portability has never been a guarantee to move the mortgage. You have always, with all lenders, had to meet their lending criteria at the time.

any suggestions?

Stay put or find another lender.