thought after reading a few threads on morgages i would ask the question on here as i can't seem to find the right threads or information?
We took a morgage with them some months ago, we have been looking around and thought ok we are more settled and really could do with a different house..

(well the OH did)
So everything ok, house valued (happy), she's seen ahouse that could be the next one, been to the bank and they have advised as we are new to the country we cant move our morgage over to another house....
OK we are not borrowing more money, infact with what we have we will reduce it. They are saying that new immagrants are unable to port a morgage from one house to another unless they are PR

Anyone with any information on this, we are not taking a morgage out, just need to port (there terms) the morgage to another house.
I have looked through all the paperwork and there is nothing on there about our morgage being for new immagrants

Any Help
Gary

If the bank say you cannot do it guess the only options is to pay out your mortgage and go to another lender. Maybe speak to a mortgage broker.

Get them to show you exactly in their ( and more importantly, your signed paperwork) where it states that you cannot port your mortgage as you are new to the country.

If their is nothing in the signed paperwork that you completed, I cannot see how they can enforce this.

Good Luck.

The portability of mortgages is not a legal issue. It's strictly a bank policy, so they can insist in the matter. The existing mortgage can be paid out but a interest penalty may be applied and it could be substantial depending on amount owing and length of term remaining.

The portability of your mortgage would be a clause in the terms and conditions of the mortgage. You would have received a copy of the document when you signed up for your mortgage. If there is no privaledge to make the mortgage portable you might want to look at assumability. If the mortgage can be assumed, you might be able to sell the property and let the qualified buyer take over, assume, the mortgage. There are some limited liability issues with this and it really depends on the terms of the mortgage. If you have to discharge the mortgage then there are normally penalties for this. You might be able to sell to someone who can assume a portion of the mortgage and therefore lessen the amount that you will need to pay off and will lessen the penalty incurred. You should enquire with the banks mortgage financing people as to how much this could be so that you can see what you might be on the hook for. If you have found a really great place then it might be worth it to you.

Best bet is to dig out the documents and go see a qualified mortgage broker that can can help you work through this in the first instance. Mortgage privaledges contained in the terms and conditions (assumability, portability, pre-payment privaledges) are very important and can make a big difference to the mortgage.

Goodluck