Northfields

Are You Able to Reconcile Yourself to a Life as a Permanent Tenant?

The Halifax, one of the UK's biggest mortgage lenders, just released a survey which found that in a group of 8,000 people aged 20 to 45 only 5% are making spending sacrifices to save for a deposit to buy their first home. Halifax has dubbed this generation “Generation Rent”.

The labeling of an entire generation as permanent tenants may seem quite harsh, but according to the findings of Halifax’s survey, the majority of respondents have no spare cash, no interest in saving or are trying but failing to save. This means that two-thirds of potential first time buyers have no realistic prospect of owning their own home in the next five years and lack the long-term saving mentality they need to get onto the first rung of the property ladder.

These findings are particularly shocking as it contradicts the feeling of most Britons that owning a home is both a right and a rite of passage. Home ownership has long been a priority for most Brits, but the stricter lending criteria for mortgages and the inability or unwillingness of would-be first time buyers to save for a deposit has already altered the outlook of many people in this age bracket, according to the Halifax.

It seems that almost half of the people questioned in the Halifax survey had resigned themselves to the fact predicted that Britain would become a nation of renters within the next generation, much like the rest of Europe.

There are obviously some negative aspects to the changing landscape and attitudes of the British population in regards to housing, but there are positives too. Here are some points to consider when deciding if lifelong tenancy is for you or if it might be more worthwhile to make sacrifices to save up for a deposit.

Pros for Lifelong Rental

Job Mobility – If a new or better paid job arises, tenants are not tied down to one neighbourhood or area and so move more quickly, easily and inexpensively than homeowners.

No Repair or Maintenance Costs – If the property is in need of repair or maintenance, you do not have to pay for it which cuts down considerably on stress and expense.

No Chain Position – If you are renting with a view to buying at some point in the future, buying while you are in rented accommodation will mean that you are chain-free buyers – a point which is very attractive to home sellers and will make your offer look more attractive.

Possible Higher Quality Home – Depending on the area in which you rent, you may be able to afford the rent on a better quality home than you could afford to buy which may mean that your standard of living is higher.

Pros for Home Ownership

Wealth – Homeowners have a built-in nest egg – the value of their home means that they have a store of wealth, that non-owners do not. So a switch to the Continental European model of renting long term, could mean that the gap in wealth between homeowners and renters will widen.

Retirement and Old Age – As property represents so much wealth, it also represents security. Many people use the equity in their home to finance their retirement or long term health care as they age. Without property equity, these things may be difficult or impossible to finance for lifelong tenants.

More Established Communities – An area with high homeownership is more likely to be a more solid community with a population that is invested (figuratively and literally) in making their area more pleasant. High rental areas tend to be more transient.

Overall Cost of Rental Over Time Higher Than Rent – a recent report by Findaproperty.com, found that first-time buyers who have no financial assistance from their parents will rent in the capital for an average of 31 years (from the age of 21, based on figures from the National Housing Federation) before buying their own home, spending £308,558 on rent. The average price of a home in London for first-time buyers is £257,249. These figures are based on averages and it very much depends on individual circumstances, but when working with average figures, you will pay more cash long term on rental than on purchasing a home.

What is stopping you from purchasing a property?

Most people will say that not having enough cash leftover after expenses are paid is the main issue that blocks would-be home buyers from making a property purchase.

However, the Halifax survey threw up some interesting reasons that prevent tenants from transitioning to homeownership:

84% believed that banks do not want to lend to first-time buyers.

Worry that if an application for a mortgage is rejected by one bank, this would stay on their credit record and hinder further attempts to borrow.

So here is some really reassuring news – neither of these things is true.

While it is true that banks are now demanding larger deposits than they used to of first time buyers, it does not mean that banks do not want to lend to first time buyers.

Failed mortgage applications do not have a long term negative impact on your credit record.

So if home ownership is still something you aspire to, it is worthwhile to understand the criteria used to asses applications and to find out what it would take to make homeownership a reality. The best way to get a) the best mortgage deal available and b) expert guidance through the seemingly murky waters of mortgage application is to get the help of an independent mortgage broker. Independent brokers are not tied to any specific lender or product and can look across the whole mortgage market to find the best deal for you.

Northfields can refer you to an independent broker who can de-mystify mortgages for you. Call us on 0208 840 6666 or e-mail us on sales@northfields.co.uk to arrange for free, no obligation mortgage advice.

If you are still undecided whether you should rent or buy, take a look at this article that compares renting and buying and weighs them up against your circumstances.

To browse the type of properties you could rent, click here.

To browse properties currently available for sale, click here

Is Switching from Income Tax to Property Tax the Answer to Our Limping Economy?

As our economy has still not rebounded to its pre-credit crunch glory, so many people are talking about what to do to breathe some life into the economy in general and the housing market in particular.  One view is to adopt a land value tax (LVT). Could a land value tax be the answer?

There are many people who don’t like the idea of a land value tax – particularly and unsurprisingly, those people who have invested large amounts of the their income in large, expensive properties, often in London. 

Some proponents of LVT would actually abolish all current taxes and replace them with an LVT. 

What exactly would LVT be? 

Essentially it is a tax that is linked to the value of land that a tax payer owned.

So if the champions of LVT had their way, a person who garnered a salary of £40,000 a year would stop paying  around £7,000 in income tax, £1,000 to £2,000 in VAT, £1,600 council tax and any of the transaction charges that go to the tax offices. LVT (in the purist model) would mean an abolition of capital gains tax.  Stamp duty would go with way of the dodo.   Simply put the tax payer would pay a fixed annual sum, to be paid monthly, on the value of their land, which could have a wide range, depending on how much the land is worth.

What LVT would mean is that if you were to move out of the capital your tax bill could be a shadow of its former self.  However, if you chose to live in a more expensive property in London then you would be looking at a much pricier tax bill. 

The Pros of Land Value Tax
- You keep all of the salary you work for and there would be a 100% gain for every extra hour worked.

- If you refurbish your property, it has only limited effect on the value of the land, giving you every incentive to modernise and improve the property.  In the current system, when we improve our property it increases the value of the property,  that in turn increases council taxes – a system which does not incentivise property owners to undertake improvements. 

- Land value tax is easy to assess, cheap to collect and impossible to evade.  While the super rich can often evade current taxes with off-shore trusts an company ownership structures, with LVT they will have to pay tax

- You can decide how much tax you are willing to pay with LVT because you choose a house or a flat within that tax range.

- Some people feel that the post baby-boomer generation who have not been able to accumulate land and are forced to continue to rent due to the current unavailability of mortgages should not be further punished by high rents charged by baby-boomer landlords and then punished again by income taxes. It is argued that LVT instead of income taxes would relieve the pressure on this "lost" generation and allow them to get together enough money for a deposit.

What do you think?  Is Land Value Tax fair?  Is it the answer to our economic woes?  Let us know what you think with this quick poll.

Five to View: Property for Sale in West London in Tree-Lined Streets

A recent article in the Guardian House Price Blog talked about the value of living in a tree lined street. 

The article pointed out that properties surrounded by leafy trees are so much more appealing to many buyers as trees add to the curb appeal of a property.  As well as people liking the look of trees, many people seek out the shelter and added privacy offered by trees.

Trees can add value to the property anywhere in the range of 4%-5% of the sale price.  That's an awful lot of added value just from a property boasting a location in a tree-lined street.  Here is a selection of just five properties Northfields currently has available for sale in tree lined locations around West London.

1.  A Unique One Bedroom Flat in a Leafy Location

 

A stunning one bed first floor flat within this iconic and impressive period building, set in a green and sought after Ealing neighbourhood. The flat features a huge reception room, high ceilings, original floorboards, period features, and boasts a bedroom overlooking the communal gardens.  The property also has a fitted kitchen, garage and off street parking to add to its appeal.

The Property for sale:  1 bedroom flat

Where:  Castlebar Hill, Ealing W5 

The Price:  £335,000

Click on the link to see more photos, floorplans and information on this 1 bed flat in Ealing W5 or to book your viewing online.

 2.  Trees and Transport Links with this One Bedroom

 
As owner of this very spacious one bed period conversion in Ealing you could enjoy both the greenery of trees and the convenience of easy transport links into Central London.   Convieniently situated close to West Ealing Station, Paddington is a 12 minute train journey.  Another point in the convenience column is that this flat is within walking distance to Waitrose.  The property itself boasts high ceilings, a fitted kitchen, gas Central Heating and off street parking. 

The Property for sale:  1 bedroom flat

Where:  The Avenue, Ealing W13

The Price:  £274,950

Click on the link to see more photos, floorplans and information on this 1 bedroom flat in Ealing or to book your viewing online.

3.  A Tree-Lined Street and a 50' Private Garden 

 

If you are really interested in a green area, then the area where this fantastic garden flat is situated between  between Ealing Broadway and Pitshanger Lane will thrill you.  The flat is set within an impressive period building on this sought after road.  The flat has two double bedrooms, a fitted kitchen, off street parking and secluded 50' private rear garden.

The Property for sale:  2 bedroom gardenflat

Where:  Mount Avenue, Ealing W5

The Price:  £329,950

Click on the link to see more photos, floorplans and information on this 2 bed flat with a private garden in Ealing or to book your viewing online.

4.  A Tree Lined Location in the Little Ealing School Catchment Area

 

Northfields are delighted to offer this handsome 4 bedroom Edwardian family home. The property is located within a desired tree lined road in Ealing within the Little Ealing School Catchment and a short stroll to Lammas and Walpole park. The ground floor accommodation comprises a stunning double reception leading to a private garden and separate kitchen. The first floor accommodation comprises 3 bedrooms and a family bathroom. Further benefits include a loft extension comprising bedroom 4, good ample storage and 1 en’suite bathroom. This unique family house boasts a wealth of original period features and character therefore viewings are highly recommended.

The Property for sale:  4 bedroom family house

Where:  Julien Road, Ealing W5

The Price:  £675,000

Click on the link to see more photos, floorplans and information on this 4 bedroom house in the Little Ealing School  Catchment Area or to book your viewing online.

5.  A Green Area in the North Ealing School Catchment Area

 
A wonderfully spacious four bed semi detached house ideally situated between the bustle and convenience of central Ealing and the green, village feel of Pitshanger Lane. The property will appeal to families with its through lounge, kitchen / diner, and own driveway providing off street parking. The property will be appealing to the savvy buyer as it is offered with no onward chain. As the property is situated in the North Ealing Primary School catchment area, those families with young children will be particularly interested in this beautiful property.

The Property for sale:  4 bedroom semi-detached house

Where:  Kent Gardens, Ealing W13

The Price:  £749,950

Click on the link to see more photos, floorplans and information on this 4 bedroom semi-detached house for sale in Ealing or to book your viewing online.

Whether you are looking for the beauty of a tree lined street, the added privacy added by trees or the added value that trees could bring to your home Northfields will find a property that will fulfil your tree-hugging needs.  To make sure that you find out about the best properties as they become available, call us on 0208 840 6666  to register now or click the link to register online.  To see more properties that Northfields has for sale, click the link.

May 2011 Property Market Update

Rightmove.co.uk has released its latest House Price Index report for May 2011 and it points out some 
interesting factors that have led to National average asking prices remaining at their highest level since June 2008. 

The Factors Keeping Asking Prices High

1.  Base Rate - The Bank of England has kept base rates at the current record low level of 0.5% for the 26th consecutive month.

Why is that happening? In previous market downturns, the base rate has been high.  That usually leads to large amounts of properties being offered for sale with relatively few buyers to purchase them which in turn drives down prices.  For example, in the downturn of the early 1990s, interest rates of up to 14.875% forced a more rapid price correction. As the base rate remains low, many sellers are desperately clinging onto the value that their properties gained in the boom period. 

2.  Mortgages - Continuing lack of mortgage availability leading to low numbers of buyers and therefore low property transactions. are enabling the housing market to stay in its ‘low transaction limbo’, with few forced sellers driving prices down and few genuinely proceedable buyers. As the Rightmove report points out "With such low transaction volumes, asking prices do not necessarily reflect the market fundamentals, so continuing demand for good quality property in better areas and a lack of pressure to sell have enabled prices to appear to defy gravity."

3.  Bank Holiday Period and RoyalWedding Fever - The extended bank holiday period for Easter, the Royal Wedding and May Day caused a significant drop in new instructions for estate agents. The numbrs of new instructions beig offered for sale across Rightmove.co.uk prior to the Easter holiday was circa 29,000. However, in the two week period between the holidays the numbers fell by 30% to an average of just 20,000.  As estate agents competed to attract the limited number of new sellers this most likely resulted in many agents agreeing to market at unrealistic and over-optimistic prices, therefore artificially inflating asking prices.

So the lesson for new sellers is to ask your agent for a realistic price assessment and ask them to back that up with comparables (similar properties that have recently sold in your area).

What makes this spring so different?

Traditionally the spring period is busy for the housing market, but this spring the normal rush was slowed by the continuing squeeze on the mortgage market, the unusually warm weather and the Royal Wedding. 

What can we expect to see happening in the short term in the property market?

Rightmove feels a number of factors may have impact, but remember that if you live in desirable area of London your property may be less affected than others.

1.  Base Rate - Rightmove predicts that one more interest rate rise will not "de-rail" the market and the continuing buoyancy of house prices, but further base rate rises will have an affect.  Many experts predict that the base rate will rise in the summer.

2.  Summer slowdown - the summer months usually mean a slight slow down in the market. 

How Do You Take Advantage of This Market?

With large number  of properties being offered for sale Rightmove, reports their highest average number of properties for sale per estate agency branch in the month of May. They have risen from 74 to 76, and in spite of this increased competition, new sellers’ average asking prices are near their all-time high.

So there is a really good way to sell your property quickly and make it stand out from the crowd - price it realistically.  For an honest and expert assessment of your property's worth, paired with innovative ideas on marketing your property so that it gets noticed in a crowded market, call Northfields award winning sales team on 0208 840 6666.

 

Positive lettings market prompts new Paddington office

One side effect of the unpredictable housing market at the moment is that the lettings market is experiencing something of a renaissance. Northfields Estate Agency, building on their recent accolade as the best letting agent in the UK, have responded to this demand and opened a new office in Paddington, which had its official launch today.

Landlords have had a difficult few years as financing became more difficult, but market conditions are now starting to favour the lettings market. Buy-to-let mortgage specialist Paragon's latest ‘Private Rented Sector Trends Report’ has revealed nearly half of landlords reported that tenant demand rose during the first quarter of 2011. In fact, the proportion of landlords reporting increasing levels of tenant demand has now risen for seven consecutive quarters. This is due to a number of factors, including low numbers of first-time buyers, social housing reforms, and London’s continued resilience to the wider economic downturn.

Paddington’s short commute into central London attracts first time buyers and buy–to-let investors alike, while larger homes situated in the Little Venice and Westbourne Green areas offer families good space. More affordable property can be found within the Bayswater area, where there are larger houses converted into flats and ex-local authority houses.

Managing Director, Richard Palfreeman, said, “Paddington is an area we have wanted to extend our services to for years. With consistently growing tenant demand, the new developments like Paddington Basin, and our winning the Lettings Agency of the Year we felt this was the right time to take that step.”

Silvia Eldawi, Northfields Lettings Director, said, “We put some staff in the office in February to get a feel for how the market would respond, even investing in new branding that will be passed onto all our other offices. Demand has been strong and we’ve currently got 39 properties on our books. This area is really hot at the moment, the right kinds of properties move very fast.”

“Every landlord wants not only high occupancy, but good quality tenants. Our relationship with international relocation agents is so important to delivering landlords the highest calibre of tenant, which translates into better rents, longer occupancy and simply less hassle”.

The official launch was an opportunity to get staff and local landlords mingling, and to celebrate the early successes of the office.  If you would like to find out more about Northfield’s award winning lettings service you can contact the team on 020 7402 6554.

 

Ask the Agent: If my flatmate can't pay their part of the rent, am I responisble for it?

If your flatmate can't pay for their share of the rent, responsibility for the rent depends what type of rental agreement you signed.

Joint Tenancy Agreement

If you are flat or house shaing under a joint tenancy, you will be "jointly and severally liable", which means that any one (or all tenants) can be held responsible for the rent payments and other obligations of the contract. So under this type of tenancy agreement you are responsible for the whole rent as explained in the following video from PropertyLive:

 

Another point to consider is if one flatmate wants to leave the property before the others, their notice effectively ends the tenancy agreement for everyone until a replacement contract (with a replacement flatmate) is created, but the replacement contract is not an automatic right. Many landlords will allow a replacement flatmate to be found and the contract to be re signed. Be aware, that some lettings agents may charge you a fee if a replacement contract is needed as it will entail extra administrative work. 

Rooms Rented Separately or Separate Tenancy Agreements

Sometimes a landlord will let rooms in a house-share or flat separately, so each flatmate has their own separate agreement.  In this case, you will only be responsible for your own rent.  In addition, a single flatmate leaving before the end of the tenancy will not cause so many potential problems. The landlord will have the responsibility for finding a replacement tenant.  While this will take the pressure off you to find someone new, it might also mean that you will have to take whoever the landlord finds and the new flatmate may not be compatible with you.  You may however ask the landlord to be allowed to find a replacement, but be prepared that some landlords may want to fill the room quickly so as not to miss out on rent and may not be prepared to involve the other flatmates. 

Lodgers

Lodgers rent a room where the landlord both owns and lives in the property and rents out one or more rooms. Flat/housemates in this situation are often referred to as lodgers. Some people feel uncomfortable with this situation as feel they can't fully relax as the owner of the property is there or because everyone isn't on an equal footing as with a flatshare. The plus side is that with the landlord on site you may find a property is better looked after.

Please note that this information is meant as a general guide only and does not constitute legal advice.  If you are in need of legal advice the Citizen's Advice Bureau should be able to help you.

If you are looking for a house or flat share, check out the range of properties Northfields currently has available for let  by clicking the link or call us to register on 0208 567 6660 to make sure we call you as soon as a property becomes available.  No time to call?  No problem - register your details online here.

 

To Furnish or Not To Furnish, That is the Question

Landlords often ask our award winning lettings team if they should advertise property furnished or unfurnished.  The best solution - be flexible.  There are benefits for landlords who are able to chop and change according to a tenant's needs. 

It is certainly not unheard of to advertise a property as unfurnished, only to have the tenant ask for furniture.  Then, once the furniture is installed at the property, the next tenant asks that it be removed.  The changes might be a bit frustrating to landlords but a little flexibility will serve you better in the long run. 

Higher rent for furnished property?

Furnishing a property does not absolutely guarantee that you will be able to charge more rent for it. In most cases you will be able to, but the difference is not as much on a monthly basis as you might expect. Having said that, some exclusive properties will almost be required to be furnished to an exceptional standard.

Who wants furniture and who doesn't?

As a generalisation, tenants renting a one or two bedroom property are more likely to be looking for a furnished flat.  On the flip side,  larger houses, where the landlord is hoping to attract families who probably already have furniture, are in greater demand when let unfurnished. Corporate clients looking to house overseas people will likely require furnished accommodation.  But you always get exceptions to the norm, and you will eventually be able to find tenants for unfurnished small properties and furnished large properties.

It might seem better to just tell prospective tenants who want a level of furnishing that you are not offering to buy or dispose of the own furniture or find a new property to rent. 

But consider this:

1.  Tax benefits for landlords who offer furnished properties - landlords pay less tax on furnished properties because they qualify for a 10 per cent wear-and-tear allowance from the Inland Revenue.  This means that depending on the amount of furniture you buy and how much it costs, you will eventually recover the cost of the furniture by cutting your tax bill and then begin to see profit. 

2.  Attract the best tenants - if you are able to be flexible with the furnishings then you will be able to choose from the best tenants available, rather than potentially losing reliable tenants to a landlord who will accommodate them

3.  Limit the amount of time the property is empty - if you are able to furnish the property to the level that makes a prospective tenant happy, you won't waste time telling that tenant to find the level of furnishing that they would like while searching for another tenant who wants what you are offering.  If you show the tenant that you are willing to be flexible up front, they may be more inclined to rent the property for longer, as chances are they will be happier with your relationship with them.

But what if the next tenants who rent that property don't want the furniture?

You have several options:

1.  Sell the furniture - list the furniture on ebay or even take it to a car boot sale.  If the furniture isn't in good enough condition to sell then it is likely that you would've had to replace it for the next tenant anyway.  Save on removals costs by listing the furniture on Freecycle or Gumtree, stipulating that whoever wants it must pick it up.

2.  Store the furniture- yes, storage will cost you money, but if the furniture is good quality and you could use it again, it might be a good option, particularly if you shop around for the best deal.  Even if all the furniture is not currently in the property you can still claim the 10 per cent wear-and-tear allowance on your taxes, even though the property might now only be partially furnished, and the rent on the storage unit is also tax deductible.

For advice on listing your property for let and whether or not you should list it as furnished or unfurnished, call our lettings team on 0208 567 6660 or request your free valuation of your rental property online today. 

Ask the Agent: Can I Paint the Walls of My Rental Property?

If you would like to paint the walls of a property you are renting you will need to check with your landlord or the property manager to get permission.

It is always best to choose a neutral colour to paint a rental property.  While you might love strong colours, stripes or bold wallpaper, a strong interior will provoke a strong reaction in people who view the property to rent after you move out.   Bold strong colours can also be very difficult to paint over, so neutral is generally the most rentable.

If the landlord grants you permission to paint, but only using neutral colours and you would still prefer something splashier, show them samples of your intended colour scheme and offer to repaint it when you move out (back to neutral, and at your own expense).

If the landlord does not give you permission then don't do it.  If you go ahead and paint walls without permission you may face losing your deposit to pay for painting the property again. 

There are other ways that you could brighten up the walls of your rental property.  Here are a few paint-free ideas:

1.  Create a feature wall - You can create a feature wall using interesting, black and white photos - no order to them, just scatterd over one wall. Use all different sizes, with mix and match colour/style frames.  Take a look at this photo display on Country Living's website for idea of the impact grouping photos like this can have.

If you don't have or can't afford a load of frames, then check out this clever idea using scraps of wood and decoupage photos with this free tutorial from Crafts by Amanda

If the landlord doesn't want the wall full of holes, try using a curtain rod and hang a series of photos from it.  You couldn't get more impact than this extremely cool idea where a larger image is created by clipping a serious of photos together and hanging them from a curtain rod.  Find out how get this low cost, high impact look on Ikea Hacker.

2.  Make a wall hanging - Or you can make your own wall hangings with bright or bold patterned material or large canvases. 

If you aren't the crafty type or don't have a lot of cash to spend, check out this tutorial from Blue Cricket Designs which shows you how to create high impact canvases covered with old book pages and with bird silhouettes. You just need to be able to trace and cut and paste to create these canvases which could hide a multitude of sins, depending on the size or number of canvases that you used. 

Crafts by Amanda uses some paint and cut and paste to make these French Fruit Wall Art pieces that would really brighten a kitchen.

3.  Use a screen - Use a decorative room divider screen to create a feature wall and disguise an old or ugly wall. 

Check out this free tutorial which shows you how to remake a room divider screen into a very cool photo display with chicken wire as featured on the Homeroad blog. Just click the link to see the step by step how-to.

With a little bit of creativity you can have a space that is unique to you without actually causing permanent damage or change to the rental property. 

If you need advice on exactly what can and can't be done to a rental property, call our award winning lettings team on 0208 567 6660.

Ask the Agent: What does porting your mortgage mean?

Answer:  Simply put, if you already own a home with a mortgage, and are moving to a new home, porting your mortgage means that you can apply your current mortgage to your new home.  Porting your mortgage allows you to keep your mortgage at the interest rate that you currently have rather than having to risk getting a new mortgage with a potentially higher interest rate. 

As you can keep the interest rate from your old mortgage, porting mortgages are most common when there is an increase in interest rates.

Do be aware that when you port your mortgage, you will be required to pay a mortgage release fee. This fee is determined by your mortgage lender and is explained in your mortgage contract.

Tips for Porting Your Mortgage

1.   Check your lender's porting criteria - it is usual to port only fixed rate mortgages.   However, there is an exception to every rule. You should check with your mortgage lender before you give up the idea of porting your mortgage.

2.  Move into your new home at the same time as you sell your current home. Depending on your mortgage lender's terms this will save you having to pay fees. If for some reason you are unable to immediately move into your new home, your mortgage lender may charge you an early repayment charge. This is a fee mortgage lenders charge to customers who pay off their mortgage before the termination of the mortgage.  Again, check your mortgage terms.

3.   Submit your application to port your current mortgage rate to your lender. If you are not approved, you can ask your mortgage lender for alternatives or you may have to reapply for a new mortgage for your new home.

4.  Your current mortgage doesn't determine your eligibility to port your mortgage. The approval process for porting your mortgage is the same as applying for a new mortgage. This means your lender will review your credit report, your debt to income ratio, and your employment history. If any of this has changed since you applied for your current mortgage, your application could be rejected.

5.  Don't port your mortgage without checking out other options first - Given that your lender will review your financial eligibility all over again and it may affect your chances of porting the mortgage, why not check that there aren't better deals available to you.  Some people will be tempted to stick with their current lender, even if they find they are unable to port their current mortgage.  However, you could save yourself a lot of money by doing some comparison shopping.  Make sure that you use an independent mortgage broker rather than a mortgage broker who is tied to a particular bank or who is limited to certain mortgage products.  Independent brokers can look across the entire mortgage market to find you the best deal.  Independent brokers also often have access to special rates and deals that are not available on the high street.

Find out if you could save money on your mortgage using this handy Mortgage checker online tool.

If you would like to check that you have the best possible deal on your mortgage, Northfields can refer you to an independent mortgage broker who will be able to ensure that you are saving the most amount of money possible.  Call us on 0208 840 6666 for a referral that could save you money.

Source: How to Port Your Mortgage | eHow.co.uk http://www.ehow.co.uk/how_6664428_port-mortgage.html#ixzz1EbldlLf8