Port mortgage application

w00519772

Say I go through the mortgage application process and pay the £995 fee.

Say the sale falls through for whatever reason e.g. survey etc. Am I able to port the mortgage to another property if:

1) They have the same agreed price
2) They have different agreed prices

Also will I get the same interest rate? e.g. say I go through the mortgage application and the intrest rate is 2.7% but then it increases to 4.7% next time I go through the process.

I am a bit cautious of spending so much so early in the process.

kingstreet

Depends on the lender.

I would suggest you only use a lender where you can add the fee to the loan and not to pay it up front.

If you do add it, you can pay it off after completion within the allowed ERP-free allowance.

w00519772

kingstreet wrote: »

Depends on the lender.

I would suggest you only use a lender where you can add the fee to the loan and not to pay it up front.

If you do add it, you can pay it off after completion within the allowed ERP-free allowance.

thanks. Do you know if the interest rate would stick?

Richard_Webster

Quote:
Originally Posted by kingstreet View Post
Depends on the lender.

I would suggest you only use a lender where you can add the fee to the loan and not to pay it up front.

If you do add it, you can pay it off after completion within the allowed ERP-free allowance.
thanks. Do you know if the interest rate would stick?

Kingstreet:

Depends on the lender.

This is about commercial practice - there is no law about "porting" mortgage offers.

kingstreet

You can normally retain the product you reserved and change the property details on a mortgage application.

You may have to pay a new valuation fee, if the valuation was done on the previous property.

As mentioned, this does depend on the lender, so I would ensure you establish YOUR lender's policy.