Porting mortgage deal but going into rented

bclark

I am planning my first ever move and I was hoping to be able to keep my current mortgage deal for a while as its a lifetime tracker at + 0.18 above the base rate. We are buying a new build but it now looks like we may have to spend a couple of months in rented accomodation while waiting for it to be finished.

My question really is whether or not it will be possible to port my mortgage in this situation as obviously there will be at least a two month gap between leaving the one house and buying the second. Do mortgage companies allow for these short periods or will i have to take out a whole new deal?

kingstreet

You'll have to ask them.

Some lenders offer to refund early repayment penalties if you take out a new mortgage with them within three months of repaying the last one.

There's no hard and fast data on portability. Each lender makes its own decisions.

When you find out, let us know the answer and which lender it is as we get asked a lot about portability these days.

bclark

kingstreet wrote: »

You'll have to ask them.

Some lenders offer to refund early repayment penalties if you take out a new mortgage with them within three months of repaying the last one.

There's no hard and fast data on portability. Each lender makes its own decisions.

When you find out, let us know the answer and which lender it is as we get asked a lot about portability these days.

Thanks, I will give them a call tomorrow.