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Porting a mortgage
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monty-doggy
Posts: 2,134 Forumite
Hello
Since all the mortgage rules have changed, is it possible to move house and keep the same mortgage if the new house is the same price or less?
Thanks
Since all the mortgage rules have changed, is it possible to move house and keep the same mortgage if the new house is the same price or less?
Thanks
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Comments
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Porting has always been subject to the lenders current criteria. MMR has merely tightened the criteria not changed the attitude towards porting requests.0
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It was always subject to you meeting the lender's current criteria and requirements. You had the option to port the rate from the old mortgage to a new one on a new property if you qualified for one.
The new rules mean you have to be able to demonstrate affordability now, just as you did before.
There has never been an automatic right to transfer a mortgage from one property to another as that is not possible.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks. Just an idea but prob a no go.
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I've just done it so yes.
Also you can't transfer the same rate with the halifax if your fixed in need to pay the early redemption penalty and apply for a new rate.
Thrugelmir have you received a pm from me mate?0 -
Staring into my crystal ball, I can see in my future many such threads wondering if portability is a way of circumventing the MMR affordability requirements and I can also see the string of replies marching across eternity...
No!
... although thou shalt forever fail to mention the FSA October 2012 transitional rules, designed to help those looking for a mortgage of the same, or less than they currently owe. :eek:I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Sorry to disagree but the Halifax will let you port your new rate if you borrow the same amount or more and make an application within three months. You will have to pay the ERCs but they will be refunded to you. Any additional amount borrowed will be at a different rate though.
If you take the same amount or less then you will receive a partial refund although I don't know what the percentage is.
You would have to qualify and demonstrate affordability as per the previous post from Kingstreet.0 -
melhuish77 wrote: »I've just done it so yes.
Also you can't transfer the same rate with the halifax if your fixed in need to pay the early redemption penalty and apply for a new rate.
Thrugelmir have you received a pm from me mate?
I did and have responded. :beer:0
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