Porting a HSBC Mortgage

Baxter100

In the next year or so we are looking to move to a house in the same kind of price range.

Does anybody have any experience of porting a mortgage with HSBC? Was is straightforward, difficult? Am I right in saying that they carry out exactly the same affordability checks as when the mortgage was first taken out?

One slight fly in the ointment (or maybe not) is that we are on what we think is a very good lifetime mortgage deal. They stopped providing not long after we took ours out. Are they less likely to approve the porting or the mortgage because this deal is on a low interest rate and they don't make as much money out of us as they could potentially do? Or am I just being cynical...

K_S

Baxter100 said:

In the next year or so we are looking to move to a house in the same kind of price range.

Does anybody have any experience of porting a mortgage with HSBC? Was is straightforward, difficult? Am I right in saying that they carry out exactly the same affordability checks as when the mortgage was first taken out?

One slight fly in the ointment (or maybe not) is that we are on what we think is a very good lifetime mortgage deal. They stopped providing not long after we took ours out. Are they less likely to approve the porting or the mortgage because this deal is on a low interest rate and they don't make as much money out of us as they could potentially do? Or am I just being cynical...

@baxter100 HSBC are no less likely to approve it just because you are on a good deal. I think I've only ever done 2 HSBC porting cases on behalf of clients and they went through quite smoothly.

Baxter100

That's great, many thanks.

Re the affordability checks, do you know if these exactly the same as with the initial application? We are in different work situations to when we first applied, so it would be useful to know what we may or may not need to demonstrate.

K_S

Baxter100 said:

That's great, many thanks.

Re the affordability checks, do you know if these exactly the same as with the initial application? We are in different work situations to when we first applied, so it would be useful to know what we may or may not need to demonstrate.

@baxter100 You will need to meet affordability as HSBC assesses it currently and it will go through a full normal underwriting process, valuation, etc as if you were applying for a new mortgage. In reality all that gets "ported" are the T&Cs associated with your current product. I hope that makes sense!