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Categories:Mortgages

Brokers slam Woolwich for cutting mortgage porting period

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Brokers have accused Woolwich of forcing people off cheap tracker deals after it shortened the period in which borrowers can port their existing mortgage on a non-simultaneous basis from six months to 30 days.

The change affects borrowers who have sold their home and want to port their mortgage but have not yet bought another property.

Chadney Bulgin mortgage partner Jonathan Clark says: “Woolwich is doing this to stop people moving really good tracker rates across. The ability to port an existing product and have a six-month window is useful and it is a shame that a main lender has effectively taken away that ability.”

A spokesman for Woolwich’s parent company, Barclays, insists that the move was made to align the company with the rest of the market and ensure that the system is being “used appropriately”.

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