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Port A Mortgage - Am I Thick

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Excuse me for being Mr thicky, the thickiest thing since Mr Thicky Senior the thickest man in thickstown but was is porting a mortgage and why.

Porting a B2L Mortgage

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Has anyone ever tried to port a mortgage on a buy-to-let property and been refused? It has just happened to me and I am wondering if this was done in order to snatch a redemption penalty. The reasons for not lending on the new property - the one to which the old mortgage was to be ported - don't stand up. I am going to make a complaint to the lender, but am wondering if anyone else has ever had a similar experience and been more than a little suspicious about the reasons given for refusing to lend when a B2L mortgage was being ported.

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"Porting" a mortgage is short for transporting.

It refers to moving a mortgage from one property to

another.

There may be conditions or reasons why it cannot

be transported and may have to be redeemed,

rather than be transported to a different property.

Mr Simple, the simplest simpleton in Simple Village.

Edited by justanewbie

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You would normally 'port' software, i believe in this case this is where the word has orginated from. For example if a piece of software only runs on windows, it could be ported to mac with lots of effort and lots of developer time.

I guess it has some similarities, but this guy sounds like he was a software developer/project manager in a former life, and is trying to impress everyone with a new word!

Edited by moosetea

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I've heard a broker referring to this as a 'portable' mortage - transportable, as Justanewbie says.Good if you want to jump ship to a better deal in the future.

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Porting "normally" applies to fixed rate mortgages which have been priced in advance. Discounts have traditionally been none portable.

Recently lenders have started to use enforced portability which means if you redeem your mortgage on a certain deal (part way through) you have to take that new deal onto your new property, or pay a redemption penalty.

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Guest horace

Can anyone remember `portable radios`?

Today we do not have `portable phones` we have mobiles which is very confusing in my old age because I recall hanging mobiles above my childrens cots.

And why do we have `people carriers` when what is meant is `a people mobile`

What did Fred Flintstone call his transport? Can anyone recall? :rolleyes:

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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