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Can I Port Mortgage even if my offer says no?
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sherbert1964
Posts: 58 Forumite
Mortgage experts please help!
I took out a 5-year fixed mortgage with The Mortgage Lender (TML) 18 months ago on a 5yr fixed.
With a second child our house is now getting a bit small and we've seen a new build house that is pretty much the same price as our existing house that we love.
Considering the prices are very similar, I'd like to save the hassle and expense of having to pay early repayment charges and just port the mortgage to the new house however the mortgage offer prohibits the porting of the mortgage.
Is there ever any flexibility in this? Even if I agreed to pay admin fees/higher interest rate or generally anything I can do to get the lender to be flexible on this or is it a total non starter?
TIA
Sherbert
I took out a 5-year fixed mortgage with The Mortgage Lender (TML) 18 months ago on a 5yr fixed.
With a second child our house is now getting a bit small and we've seen a new build house that is pretty much the same price as our existing house that we love.
Considering the prices are very similar, I'd like to save the hassle and expense of having to pay early repayment charges and just port the mortgage to the new house however the mortgage offer prohibits the porting of the mortgage.
Is there ever any flexibility in this? Even if I agreed to pay admin fees/higher interest rate or generally anything I can do to get the lender to be flexible on this or is it a total non starter?
TIA
Sherbert
0
Comments
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It's highly unlikely this can be changed. The funding lines for lenders like TML are usually black & white and often prohibit porting to avoid having to disturb part of a residential mortgage-backed security (RMBS) used by such lenders.
If you can escape TML to a mainstream lender, you could get lower rates to compensate for the ERC.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.2
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