Porting mortgage when breaking chain. Is it possible with HSBC?

Prichard

So we have an approved mortgage and a complete chain. A slight issue has arisen whereby the bottom of the chain's mortgage offer expires in mid-late April. However, the very top of the chain doesn't want to move until mid May due to an operation they have booked in.

So hopefully the bottom of the chain just apply for a new mortgage (though rates have gone up since then) because it also means our redemption fee (we are swapping Halifax for HSBC) goes from 3% to 2% on 30th April.

However, if it does not we have indicated that we will pay the extra 5k on our redemption fee to get the move done. If that meant we had to break the chain and move in with parents for a few weeks until the top of the chain was ready to complete - is that something HSBC would facilitate and what are the typical conditions involved? 

MWT

I may be missing something obvious, but where does 'porting' come into this?

If you have to sell before your purchase completes, the proceeds of your sale are used to redeem your current mortgage (Halifax), but your new mortgage (HSBC) does not start until your vendor is ready to sell you their house, so there is no porting taking place?

[Deleted User]

Porting through brokers is only allowable on completion of sale and purchase at same time.
Most lenders allow a refund of erc within a set time frame if new mortgage starts but you'll have to ask hsbc as it seems brokers cant do them 

Prichard

MWT said:

I may be missing something obvious, but where does 'porting' come into this?

If you have to sell before your purchase completes, the proceeds of your sale are used to redeem your current mortgage (Halifax), but your new mortgage (HSBC) does not start until your vendor is ready to sell you their house, so there is no porting taking place?

I think you’re right here. Hadn’t really thought about it like that. I.e. Halifax & HSBC are completely independent of one another & Halifax don’t care if the money to redeem comes from our purchasers or HSBC. 

MWT

Prichard said:

... Halifax don’t care if the money to redeem comes from our purchasers or HSBC. 

Exactly, nothing to port as HSBC mortgage has not yet started, just the Halifax ERC to pay as you already know.

Thrugelmir

Rather than return to this thread. OP has started a new one.......

https://forums.moneysavingexpert.com/discussion/6343978/being-asked-to-complete-in-april-which-will-mean-a-1-increase-in-our-redemption-costs#latest