Mortgage Portability

London68164

Hi All,
Got our mortgage offer through today from Halifax and don't understand the financial jargon around portability. The wording appears to contradict itself. I read this that the mortgage is not directly portable to another property whether an increase or decrease in value without first having to reapply in the future to see whether a similar rate may be available? I.e. early repayment charges would potentially still be payable if Halifax said no to this and we wanted to move. I think the thing that confuses me is the bit about not being able to take this loan to a new property when some of the other mortgage illustrations we received allowed this. I would appreciate if someone could explain the meaning of this wording and the implications if indeed we were not able to port this with a view to moving in the next few years (mortgage is a 3 year fixed rate product). Thanks! 

SpiderLegs

Seems pretty standard.
if you want to move you can apply for a new mortgage and if accepted, port the rate and any ERC from your existing one.

amnblog

Portability is a feature that applies to the product not the lending decision.
Therefore, if Halifax are prepared to lend on the new property, you can port the product. If not you cannot port and you pay the early redemption charge.