Non-transferrable mortgage

TheProfessional

Hi all,
We are currently near the start of a 3 year fix with Halifax which was obtained through a broker. We had no plans to move within that period so when offered a non-transferrable mortgage we accepted. We are now looking to move for various reasons. The ERC is £3k. Is the fact the mortgage product is non-transferrable set in stone or has anyone had any joy in requesting it be ported and had agreement from the provider?

Thanks 

csgohan4

No harm if asking if the lender can port the mortgage, if not your stuck as per your T+Cs you agreed

ACG

Non transferable? I have never come across that terminology for a Mortgage. I would have taken it to mean you can not transfer it to another person as opposed to another property.
Is the mortgage portable? That is the thing you need to look for. If it is with halifax I would be surprised if you can not port it. 

Edi81

you need to dig out the paperwork that you received from your broker and lender with the relevant information on it.
the mortgage is secured on your property that you are currently in. Are you getting confused with having a portable rate where the current rate could still apply to a new mortgage on a new property subject to meeting affordability etc.

TheProfessional

Sorry I meant portable
This is from the paperwork --

"You do not have the right to transfer this loan to another property.

Additional features:

Taking your product rate to a new mortgage

In the future, you can apply for a new loan on another property. If Halifax agrees to the new loan

you can take the following product(s) and any early repayment charge with you for the remainder

of the product rate period(s). New loan applications are assessed in line with the lending policy

at that time which may, for example, affect the repayment method, loan amount or term. The

new loan will be subject to the terms and conditions in force when you make your application."

I just wonder why they have this proviso when I would be happy to stick with them, the amount I borrow would increase (subject to their underwriting) and I would be happy to pay a new fee. The £3k ERC just seems a little steep but if we have to pay it we will as I have no complaint that I signed it.
Will give them a call in the week to see how happy they are on the phone. I don't know whether to ask the broker we used about their opinion

davidmcn

Ok, that means it is portable. You don't have the right to demand that they give you a mortgage over another property, but that's normal - it will always be subject to their then lending policies and them being satisfied with affordability and the new property, as they say. But assuming they do approve it, you can take the deal across to the new property.

ACG

When it comes to porting, what you are actually taking is the product (not the mortgage itself). 
So I think it is basically saying you can not take the debt - you would need to apply for the debt again. But if you are granted the new mortgage, they will allow you to put it on the same product as you have now... But it is very rarely described like that as it is a bit OTT for the average person. Mostly people are just interesting in carrying on with what they have which for all intents and purposes they would be. 

TheProfessional

Just to follow up:
Called mortgage provider who agreed it is portable to a new property and didn't have to pay ERC if we were taking equal or more. They even ran through some numbers on the phone giving us a mortgage in principal. It may transpire we need slightly more than this so the possibility exists of taking a second top-up mortgage with someone else. I would prefer paying the current mortgage and moving to a provider which would give us a higher amount but the ERC is £3k so probably not worthwhile. We do have a mortgage broker that we can chat to once we get to the stage 

Cheers again