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Borrowers wanting to move house face bills for thousands of pounds after being told they can’t move existing mortgages that were sold as “portable”.

The Times article says: “Banks and building societies advertise most mortgages as “portable”, reassuring customers on fixed-rate deals that they can take their loan with them when they move property. However, brokers are warning customers not to be misled by this phrase. All customers with such loans must reapply for their existing deal as if they are new borrowers.”

Aaron Strutt, of the Trinity Financial, a broker, says this is a common complaint, with customers not realising that high street banks do not treat existing mortgage customers any differently from new borrowers. “Lenders change criteria on a regular basis and all customers are affected.”

Click here to view the full story in The Times £

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February 21, 2014
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