@JamesP.: In theory a mortgage that is portable should be straightforward to take to a new property, however, what is often not made clear is that it is still like putting in a new application and is subject to underwriting at the time. Given that we recently had changes to the mortgage system with the Mortgage Market Review which looks at affordability differently this has caused some people some issues in porting their mortgage and meeting the new rules. However, the FCA thought about this and introduced "Transitional rules" which means lenders could be more lenient on those porting as long as you are not increasing your lending at all. You should mention transitional rules to the lender or give us a call and we will investigate for you.
Quiet week this week, must be half term!! Thanks to those who joined us...
I'm having some serious problems porting my mortgage to a new property. I thought the whole point of your mortgage was that it is portable?
@JamesP.: In theory a mortgage that is portable should be straightforward to take to a new property, however, what is often not made clear is that it is still like putting in a new application and is subject to underwriting at the time. Given that we recently had changes to the mortgage system with the Mortgage Market Review which looks at affordability differently this has caused some people some issues in porting their mortgage and meeting the new rules. However, the FCA thought about this and introduced "Transitional rules" which means lenders could be more lenient on those porting as long as you are not increasing your lending at all. You should mention transitional rules to the lender or give us a call and we will investigate for you.
Quiet week this week, must be half term!! Thanks to those who joined us...
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