Lenders restrict home-owners 'porting' their best mortgage rate products.
If you are currently on your lender's best mortgage rate, you may hope to take this deal with you when you move. However lenders are tightening the rules on porting. It could now be more difficult to move your mortgage from one property to another.
If you currently have what you think is a good deal but cannot take it with you when you move, call Deal Direct for an alternative.
As whole of market brokers we are able to source the best deals on offer. We are constantly comparing the best rates from lenders throughout the market.
Nationwide Building Society have introduced changes that restrict the transfer of their best mortgage rate when customers move home. The lender currently has one of the lowest standard variable mortgage rates due its existing terms and conditions making an increase impossible.
A number of other lenders are also restricting how mortgages can be moved between properties. For many, new rules apply to the time scale in which a mortgage can be transferred and whether any changes affect the terms agreed. In some cases mortgages can only be transferred with simultaneous buying and selling.
If you are moving home call Deal Direct for a best mortgage rate comparison. Even if you think you are on a good rate and can take it with you, it is worth making a comparison against any new products in the market.
