Mortgage Redemption Help?

[Swaning]

So here goes.

I remortgaged a year ago to a new lender. I told the mortgage advisor i would be moving in a year or so (now) and needed to be able to port the mortgage. All well and good.

Well, we get to needing to port and current lender says "no, sorry, we arent offering those mortgages right now" theyve withdrawn them in the time i called them before to discuss options and when i needed to apply. Other lenders are offering so my only choice is to repay at whopping redemption fee (its nearly £6k).

This is A LOT of money to me, its a tight move anyway money wise.

Has anyone successfully got out of these redemption fees?
Im about to have to pull out of my flat sale and house purchase because of this and im stressed to the max!!

If your product was portable at the time of taking it out it still is portable. They may not be offering new ones but the deal you have taken out cannot be amended without informing you.

Ah they wont allow the port because the new property is Help To Buy and they are saying "we arent offering help to buy mortgages" :-/

Porting does not mean they have to offer you a new mortgage

Can you buy the new property without HTB?

You will need to read your original mortgage offer but it normally says you “may be able to port this mortgage” not that you defo can.

I think that's fair enough, help to buy is an entirely different type of mortgage! How disappointing for you! I'm sorry!