Mortgage Porting & Downsizing

MWT

amnblog said:

MWT said:

needtowinthelottery said:

Our provider (HSBC) has said it’s a very simple process providing the house value is the same or less (which it is). No new application needed. We would only need to go through a new application process if we were buying a house which has a higher value than the one we’re selling. Hope that helps.

I find that advice a little surprising and at odds with HSBC's online statements:

"You’ll need to complete a new mortgage application to move mortgage rate when you're buying a new home. You'll need to meet our affordability criteria and the new property will need to meet our lending and valuation criteria."

Lenders allow you to "port" the 'product' provided they are prepared to offer the new mortgage (lending).

In this way you can avoid cancelling the product and paying an early repayment charge (if one is due).

Yes, I am very much aware of the process and the confusion some can encounter, my surprise was at the suggestion in the preceding post that HSBC would allow a port with 'no new application needed' ...