Morgage Porting Advice & Help

moneysavingbrent

Hi Folks,

I am new to this forum and this is my first post. Thank you in advance to anyone who offers me any help or advice

I am looking to work out what my options are in terms of mortgage porting, specifically in the case of self employment.

My facts:

• I have an existing mortgage at a rate of 4.19% on £195k (valued at £250k) with RBS.
• I took this out whilst I was employed, although for the last few months I have been self employed.
• RBS have offered me a new rate at around 6.5%, without the need for any re-submission of income proof, etc. which works out at about £1000 pcm compared with my existing outlay of £678.
• I cannot afford this new amount
• Consequently, I am looking to down size and buy a smaller property (at £172k, with a deposit of £40k so a £132k mortgage)
• RBS have told me they will require proof of income, etc. when I am porting the mortgage.
• I cannot do this as I have no proof of income and RBS require 2 years of returns for anyone who is self employed.

Can anyone help me in finiding a way around this? Has anyone experience of porting with RBS whereby there has been no requirement to submit new proof of income info? I am just hoping that the person I spoke to may be wrong or that, they do not practice their theory in this respect.
Any help greatly appreciated :beer:

_Andy_

Porting is usually re-underwritten so nothing you can do I'm afraid.