porting a halifax mortgage only a few months in?

SarahLouise_2

Hi guys, just looking for a wee bit of advice if anyone can help would appreciate it

My bf has a mortgage with the halifax it only completed in July, he's in the navy so the set up was to be his sister staying there paying half mortgage and bills. Anyhoo she now wants to move elsewhere, long story! lol
Can the mortgage be ported at all or so soon? will there be fees aplicable? and does it make any difference that it would be from a property in england to scotland?
The property here is cheaper so it would be less aswell, 18k deposit put down initially.

Thanks Sarah xx

opinions4u

As long as the new mortgage matches the product (LTV etc) you should be able to port.

They will, however, fully underwrite the new mortgage so it's not a case of guaranteed acceptance.

While there will not be any fees for porting as such, you will have all your selling / buying costs including a new survey to find.

In addition, if you are reducing the amount outstanding, you will almost certainly have to pay a proportionate early repayment charge (e.g. if debt is reducing from £200k to £160k and the ERC is £4000, expect to be charged 20% of that i.e. £800).

The change from English to Scottish property makes no difference, other than the differences in the house buying process.