Can you "port" your current mortgage to another provider?

Question

My mortgage rate has increased 4 times in 6 months and I'm now paying well over the odds for the property. I don't want to re-mortgage, I'm looking to find out if I can transfer my mortgage basically like for like to another provider which will have a cheaper rate.

Answer 1

Depending on which country you are in, there may be penalties for redeeming your existing mortgage early. Check with your current lender for this and ask them for a redemption figure. This will show a breakdown of everything you owe.
Then, if you have established there are no early redemption penalties, go and see a bank that provides ADVICE on mortgages and can help find one that suits your circumstances.
It is worth visiting a bank for the advice then shopping around for the cheapest equivalent product.

When you have your product, you need to ensure that you meet the providers lending criteria (ie, you earn enough money and you are not credit impaired). The provider will quite often do a credit check to determine this. On application for a remortgage your property will be valued and they will need to use a solicitor to place a charge on your property in favour of them.

If you are thinking of doing any home improvements etc.. think about whether or not you want to borrow that money at this stage to avoid costs later on. (The adviser should be able to tell you wether this would be in your best interests)

Alternatively, call your existing mortgage provider and ask if they have a more competitive rate you can switch to.

I would like to point out, that under no circumstances have I advised on any products or features of specific mortgages in this posting.

Answer 2

You cannot "port" your mortgage. The terms of the mortgage cannot be changed without changing the mortgage itself. Since your rate keeps changing, it must be an adjustable rate mortgage (ARM). A mortgage is a legal contract between you and the lender which cannot be changed, it can only be bought and sold between lenders but the terms of the loan cannot change to protect you. I would suggest refinancing your current loan into a fixed rate mortgage so that you have a consistent payment. I can help you with this if need be, please feel free to visit my website at www.BalanceGroup.net for more info. We are a nationwide lender.

Answer 3

No. A lender can sell your mortgage to another company but they CANNNOT change the terms.

You cant just switch to one either. There's a reason the lender was willing to lend to you-- to make their money back.

You need to refinance to get a new mortgage company. Your the one that chose the ARM loan and you KNEW your interest rate could change-- so go for a fixed one this time if it bothers you.

Answer 4

No. to change your rate you have to refinance. Your initial mortgage was for an ARM rate which adjusts after your initial fixed period. You should only do an ARM if you plan to refinance after that period or, as you have experienced, your rates keep going up. I'd refinance into a fixed rate. It may be a bit higher initially, but it won't increase.

Answer 5

Yes absolutely. Just read the terms and conditions of your current provider. There are lots of online site that show comparison tables but you can also get advice from independent mortgage advisers. They get their fees from the lenders so it's well worth asking for their expertise.

Answer 6

I would really be interested in reading some of the answers you receive. It is my understanding that the only way you can get another lender to carry your mortgage is if you refinance. Unless of course, another lender buys out your lending co., then you have no choice.

Answer 7

Yes you can change look on line for companies that do not charge there is bargains especially if you want a fixed rate for 2
to 5 years.Hi found Bradley & Bingley its a free phone [phone] they are open untill 5 no fees.

Answer 8

Not a chance. You have to refinance.