Can I port my mortgage to a new property with bad credit?

Porting A Mortgage With Bad Credit

Porting a mortgage when you have had recent bad credit can be challenging, however, it may be possible and can often be the best option to allow you to keep a much lower rate.
If you have a mortgage with a high street lender but have recently run into financial difficulties resulting in missed mortgage payment or had county court judgments registered against you, it might be difficult for you to find a new lender when looking to purchase a new property.

If you can find a new lender, because of the recent poor credit you might find the rate on offer is a lot higher than the one your current lender has on offer, in these circumstances it can sometimes be a much better option to stick with the current lender and ask them to port the existing mortgage to the new property.

Many mortgage contracts allow porting in their terms and as long as no additional borrowing is required and you will not be in a worse financial position by moving many lenders will allow you to port your mortgage.

When you look to take out a new mortgage it is always important to consider all of your options and this should include looking at the potential to port your existing mortgage.

At Plus Financial Solutions we have had a lot of success in helping our clients port their mortgages to new properties, even when they have been heavily in arrears with the existing lender. We have recently ported mortgages with Santander, Nationwide, and Barclays.

If you would like help finding your new mortgage, please contact us on 01604 328 091 where an adviser would be happy to look into your options.

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