Porting a mortgage with Halifax

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‘Porting a mortgage with Halifax ’ ?

“Porting a mortgage always has to be the first option for a client, especially when a redemption penalty is payable or when the existing loan is at an attractive and competitive interest rate. At The Mortgage Broker Ltd we will assist clients in porting their mortgage from one property to another and will handle all the paperwork for them in one easy process” Darren Pescod MD The Mortgage Broker Ltd.

As many people begin to think about looking for a new property to call home, the vast majority of current home owners will be able to move their existing mortgage deal to their new property along with their furniture, house plants and dreams of a better future. This is known as ‘porting’ your mortgage

Fundamentally, if you already have a mortgage on your current property, when you move to a new home you can take that mortgage with you to your new home. Porting your mortgage gives you the opportunity to keep in place your existing mortgage loan rather than running the risk of searching for a new mortgage deal which has the potential to see you paying a higher interest rate.

It is important to consider that a current mortgage agreement does not necessarily mean that you are eligible or entitled to port a mortgage. As with a regular mortgage, you (or your broker) must still go through the application process with Halifax to port your existing mortgage much in the same way as if you were applying for a completely new mortgage. Credit checks will be done and your current financial status will be taken into consideration. If any of your financial circumstances have changed since your original mortgage application, there may be a chance that your application to port could be rejected. This is where the experience and expertise of a Mortgage Broker is invaluable and can make a huge difference to your journey of purchasing your new home as they would quickly be able to recommend alternative solutions that will still allow you to purchase your new home.

In addition, when moving house, a considerable number of individuals look to climb the property ladder and therefore require more funds than of which their current mortgage provides. If this is the case, porting your mortgage may not be a possibility depending on how much Halifax are willing to lend to you. Halifax is not duty bound to offer the same interest rates to borrowers should they want to increase the size of their mortgage loan.

Considering the factors above, the next step is to decide whether you contact Halifax customer services direct or speak us here at The Mortgage Broker.

Reaching out to Halifax to discuss your options would require you to arrange an appointment at a local branch or to phone their customer service lines. In some circumstances this would be a seamless process of speaking to an adviser quickly and an efficient service being provided, and an outcome being recommended within a relatively short term. However, often there are lengthy wait times and navigation of automated telephone lines can be stressful. Also, it is not uncommon to wait up to 2 weeks for an initial appointment at your local branch.

This direct approach to your lender could involve speaking to several customer advisers and putting the onus on you to drive forward this process until you are provided with a decision. Also, you will be left to liaise with your choice of solicitor and navigate this conveyancing process to completion.

Alternatively, you could decide to reach out to one of our advisers who would be able to complete a simple fact find with you over the phone and complete this porting process on your behalf with Halifax – Speaking to one of our advisers will provide you with a much quicker response time and ultimately a quicker decision from Halifax.

We will provide you with a designated adviser to support you throughout the journey of applying to your current lender and throughout the legal process too. In addition, you can reach them on a local direct dial whenever required. You will have consistent realistic timescales and up to date information throughout the purchase of your new home.

If Halifax were unable to agree your porting application, you would be left without a solution. This would leave you with two choices to either turn to a mortgage broker or to source the market yourself which could cause your vendor concern. If at the outset you had chosen, the path of utilising a Mortgage Broker you would be in an advantageous position as they could recommend an alternative solution from the market straight away. This will put your vendor’s mind at ease quickly and ensure that your onward purchase is still secure.

When considering Porting your mortgage, take a moment to consider all the possible outcomes of an application. What support would you need to ensure that you have the mortgage in place in time to exchange on your new home? If that answer is that you would want an expert to turn to, to guide you through any hurdles that you are faced with then seeking the advice of a Mortgage Broker may be a better solution for you.

   
   
   
Go direct with Halifax?   
   
Use The Mortgage Broker Ltd
   
   
   
Speed of decision   
   
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Option to look at other lenders in case of a decline   decision   
   
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Retain the same interest rate   

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Avoid paying a redemption penalty   

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24 hr pre-approval decision    
   
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Trust Pilot Customer Service
   
   
   
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Halifax – 1.6 out of 5
   
   

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The Mortgage Broker Ltd 4.9 out of 5
   
Are the mortgage Fees identical?   

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Can you speak with an adviser immediately?   
   
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Porting a mortgage with Halifax
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