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Northern Rock Portable Mortgage
tinynik
Posts: 6 Forumite
Hi,
I currently have a mortgage with Northern Rock, and have seen a house I would like to buy.
The only problem is it is for nearly 30k less than what the mortgage is on my property at the moment.
Will northern rock see a problem with moving the mortgage to this property? And will I have to pay any fees? I am so confused at the moment with everything that is going on!
When I sell mine, I am not going to be in negative equity(just broke even actually).
Any help would be much appreciated!
Nik
I currently have a mortgage with Northern Rock, and have seen a house I would like to buy.
The only problem is it is for nearly 30k less than what the mortgage is on my property at the moment.
Will northern rock see a problem with moving the mortgage to this property? And will I have to pay any fees? I am so confused at the moment with everything that is going on!
When I sell mine, I am not going to be in negative equity(just broke even actually).
Any help would be much appreciated!
Nik
0
Comments
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They won't let you take a new mortgage out at more than 90% LTV.
So you sell yours, which clears the existing mortgage. As your mortgage is portable, you can keep the same deal on the new mortgage. But it will be subject to current lending criteria. I understand NR will allow 90% LTV (you may want to check), so you will need to fund 10% of the purchase price as well as all moving costs/ stamp duty etc.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If you will need to borrow less on your new mortgage I think you might have to pay an early redemption penalty on the amount of the original mortgage which is not transferred to the new mortgage................................I have put my clock back....... Kcolc ym0
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