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Portable Mortgage?
abc
Posts: 102 Forumite
Is there any such thing as a truely portable mortgage?
By that I mean a mortgage that you can move to a new house subject only to the new property being sufficient security for the lender without having to apply for a new mortgage again.
From what I can see most (if not all) mortgages that describe themselves as portable only allow you to port the terms (interest rate, redemption penalites etc) of your previous mortgage, but are subject to a new application and therefore depend on your employment and income status at the time of moving.
By that I mean a mortgage that you can move to a new house subject only to the new property being sufficient security for the lender without having to apply for a new mortgage again.
From what I can see most (if not all) mortgages that describe themselves as portable only allow you to port the terms (interest rate, redemption penalites etc) of your previous mortgage, but are subject to a new application and therefore depend on your employment and income status at the time of moving.
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I believe your thoughts are correctAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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