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Does anyone know are most mortgages transportable? What I mean by this is if we decided to sell our house would it be possible to move to a house of equal or lesser value and transport the mortgage across (without borrowing more money and without a credit check) hence just really keeping the same mortgage? Its probably more a query for the some of the financial advisors on the forum. I am trying to remember but I think we may have 'transported' our mortgage when we moved 6 years ago but not sure.

Hi,

You can try but not sure if you would be successful or not. I don't remember reading of anyone being able to do it.

You need to speak to your mortgage provider.

Thanks Kallis. Not planning on moving at the moment but was just curious as it may be something we might like to do within the next 6 years.

Porting your mortgage is still possible with a few lenders - usually if your on fixed rate.

Its only the interest rate thats ported not the mortgage(as this is secured on the house).

What i can remember with Bank of Ireland (18months ago) you still apply for the new mortgage with credit checks etc as normal, pay if any redemption penalities /booking fees/surveys etc

Thanks Ginger, I guess thats it out of the question then. Its ok, certainly not something I am going to get upset about, its good to know where we stand.

Hi - there was a similar thread a couple of weeks ago and if I remember rightly, you port the interest rate to a new mortgage (rather than your current mortgage being secured against a new property).

When the time comes - it may be easier to apply for a new mortgage we only done this because we could reduce the the redemption penalites that we had to pay. Its certainly no quicker than a normal application

Yes theres nothing more to do than wait it out for the 6 years plus whatever time it takes to build up a bit of a credit history again.

At them moment while lending is tight and a lot of mortgages companies won't even refix a rate it might not be possible. However, it doesn't hurt to approach the company and ask.

Don't forget if you do move within the next six years you will need the permission of your IP and any equity, once you have taken out essential expenses from the move, will need to be paid across to your IVA.

this one point that i cannot understand.
why dont the banks want to "re-fix" a fixed rate mortgage when they are 9 times out of ten earning them far more intrest than the current svr.
this seems to defy my logic as surley they would gain by continuing a fixed rate.
i think this is just another case of the banks not really being that clued up on iva's or how to run a buisness the right way.
if i cant fix my mortgage at the end of this year then the bank will lose out on nearly half of what i pay now.

It's a gamble, Back on Track. In the past the banks have fixed rates and the variable has risen far above the fixed rates, so they lost out big time. At the moment the variables are lower than fixed, but this is set to change and the banks are hoping the general rate rises above those fixed rates.

Quite agree Foggy. The interest rates are supposed to be going up at least twice this year so I imagine the banks are hoping to cash in.

yes i expect they will go up a few times this year but they will have to go up a lot to still make a hole in my fixed rate as it stands at the moment.
the general thoughts at the moment say they may go up in 0.25% increments and only prob to about 1.5%.
this is never going to pass some of the rates we have had in the past ie the 80's
but if thats the way the banks want to go then thats that.
to tell you the truth i dont think i will ask for a re-fix at the end of my term as i will prob be way better off even when adding some of it to my iva.

I've always paid SVR so not looking forward to the rises!

i can see where your coming from jan
it was the case that when we started the iva back in 2008 i was just under 2years into a 5 year fixed rate,which was catered for in my i@e when i set out.
i will be just over 3 years into iva when it finnishes and there is nothing im my proposal to say what happens when it ends.
im in a protocol iva as i see it
at the min im paying back 5.69% but if i drop onto the svr then i pay 2% above base rate.
so you see i will save.
the base rate would have to go up to 3.69% to make me pay the same as i am now.