Watch out for lenders refusing to allow 'porting' of their best mortgage deals.

It is predicted that lenders could bring in restrictions on 'porting' their best mortgage deals, as a way of gradually moving mortgage-holders off cheaper rate deals to more expensive loans.

The Halifax and various other lenders have been in a position to review and increase SVRs because their contract terms allowed such a change. The Nationwide however has not had such room to manoeuvre, therefore its SVR which currently sits at 2.5%, will remain unchanged for existing mortgage-holders.

Understandably home-owners want to hang on to lenders best mortgage rates. Lenders on the other hand are not so keen to continue with their cheapest rates which they claim now cost them money. Many lenders are therefore checking their contract terms and conditions to see what 'wiggle room' can be found.

It is expected that lenders will no longer be so keen to allow home-owners to 'port' their cheapest mortgage deals agreed during better times.

Most lenders previously allowed home-owners to retain their competitive mortgage terms waiving redemption charges, providing there was less that a 6 month gap between buying a new home and selling the old.

The Nationwide are one lender who are no longer prepared to allow mortgage-holders to retain their terms. The lender recently announced that it is no longer prepared to accept non-simultaneous porting of mortgage deals for home-owners wishing to return to the Nationwide, having previously redeemed a mortgage account with the lender.

Barclays have also recently announced a change, its porting window of opportunity has now been reduced down from 6 months to 1 month, and the Royal Bank of Scotland Group advise mortgages have to be 'ported' to a new property within 90 days of the sale.

For a comparison of the best mortgage deals currently on offer in the UK call Deal Direct today.