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SarahBell

Porting Mortgages Just Getting Harder

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Story on mse links o article about mortgage companies being tougher on porting mortgages...

CRASH!!!

An actual link would have been very handy for the lazy ones (like me). B)

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http://www.thisismoney.co.uk/money/saving/article-2009165/Homeowners-trapped-banks-start-tough-loans.html

Thousands of borrowers are trapped in their homes because banks will not let them transfer their current mortgage to a new property.

They might not be the best example though (Or perhaps they are typical?)

from mse:

http://forums.moneysavingexpert.com/showthread.php?t=3327992

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My brother is selling his house for £220K and buying for £550K. He already has an offset mortgage at base + 0.9% although savings more than offset the whole thing. They are letting him port his mortgage and extend it to the maximum amount for the next house (3x income limit, and putting down ~50% deposit).

So some good earners with big deposits can still get ported+extended mortgages at sub 1.5%.

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http://www.thisismoney.co.uk/money/saving/article-2009165/Homeowners-trapped-banks-start-tough-loans.html

Thousands of borrowers are trapped in their homes because banks will not let them transfer their current mortgage to a new property.

Not sure many banks would be happy transferring some of the old deals they entered into at a time when interest rates were far higher.

C&G tracker had a rate of 1.01 percentage points below base rate with no collar. Can't see how they would let anyone transfer with that.

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  • 284 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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