Thread: Porting a fixed rate mortgage from one property to another

I currently have a fixed rate mortgage with Northern Rock due to expire in Dec 2010. I want to sell my current properrty and purchase a slighly cheaper one. When I took out the mortgage I was told that as long as I did not repay the entire mortgage, I would avoid early repayment charges, and I could move the mortgage to another property during the timeframe, without incurring the early repayment charges.

Do you think this is possible? If my credit rating has taken a bit of a hit in the interim, are they likely to refuse to transfer the mortgage?

Would love to hear any stories out there about peoples experiences.

Thanks,

SD

mortgage taken out 2007 perhaps.Things have certainly changed since then.Selling your property and buying a cheaper one,good idea.As for avoiding ERC charge by moving during timeframe,i dont know but will look.I should imagine impaired credit rating may affect transfers unless major equity nowadays.Have you asked them about this,or maybe at the moment would rather not,which i understand.Tawnyowl.

To tell you the truth i hadnt heard of porting a mortgage before so i thought i would post this.I hope its correct.http://www.bristol-west.co.uk/a/pdf/...ideLeaflet.pdf

You may also want to check with NR with regard to it's porting policy. If the new mortgage is less than your old mortgage, they might charge you an ERC pro-rota on the difference between the two.

Look at the offer letter or the Key Facts Illustration, it will tell you all you need to know, you must have these by law, as far as your credit rating goes as long as there is no CCJs showing and you have equity in the proposed property that you intend to buy, things should be okay. They must adhere to the things written on the offer or KFI.