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Ported mortgage success story

This week's case study highlights how Alexander Hall helped our clients port their mortgage during the Covid-19 pandemic.

Our clients' challenge

Our clients owned their home in Dorset, with a mortgage arranged 2 years ago, on a 5 year fixed rate product. When purchasing the home, they had not foreseen a scenario in which they’d be wanting to move again for many years and long term stability was deemed important, which is why they had taken a 5 year product. Unfortunately, a close relative living some distance away became unwell and they needed to move closer to them to provide support. This coincided with one of the clients losing their job due to the Covid pandemic. Due to the reduction in their income, they had assumed that securing a mortgage on a new home would be impossible. They were subsequently planning to sell, with a view to renting somewhere smaller near to their relative in the short term. This would have of course meant incurring a significant early repayment penalty, as they were only 2 years in to a 5 year product, as well as stepping away from home ownership for a time.

Alexander Hall's solution

Having fully researched all options, including whether retaining and letting the property was an option, our adviser determined that in this instance, the only way for our clients to avoid early repayment charge was to speak with the current lender, to see if they would allow our clients to ‘port’ their existing mortgage across to a new property. After extensive discussions with the mortgage underwriters, the lender agreed to take a flexible approach to their affordability assessment and, supported by the strong case we made on behalf of the clients, agreed in principle to sanction the port. Our clients quickly found a suitable new build home nearby to the relative and it took just 2 weeks for us to secure a formal mortgage offer. Our clients were incredibly pleased to have secured such a positive outcome in what had been a particularly testing time for them.

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