Refused mortgage port because i intend to repay

adjhitch

So I called Natwest and asked the if there was any way of avoiding an Early Repayment Charge as I didn’t need to keep the mortgage but could port (move) the mortgage to avoid an ERC. They said no, but I could port the mortgage, but they needed to check with their underwriters to see if there would be a minimum term that I would be tied to if I moved as it was the equivalent of starting a new mortgage.

They called back to say that I couldn’t port it because my intention was to repay it as soon as the fixed term comes to an end in November. (Lesson learned - if you want to port a mortgage don’t mention you want to repay it!).

I then asked (hypothetically) what if it was not my intention after all, and they said they had it on record (they record all calls). I said okay, but what if this house sale falls through, and I find another house and my financial circumstances change. They said then it would be okay to port it, there would be no tie in, and the application would take an hour on the telephone.

Porting would save £1375, but do you think it is worth the hassle given the fact that they may refuse because they have it on record that I want to repay in November?

Let_Us_See

Always best to ask theoretical questions until you know the right answer.

However, most lenders don't know their ar*e from their elbow and I am sure if you submit a request to port at a later date with no reference to early redemption then I am sure all will be OK.