Porting but not increasing borrowing

shaunagus

Hello, wonder if anyone can help.

Got a northern rock mortgage for £180k, fixed rate til 2011 and i want to port that to a new house, but I'm not looking to increase my borrowing. Just want to transfer the mortgage to new house.

I think we've got a good credit rating - we never miss payments and aren't overloaded with credit (just mortgage, low credit card balance etc).

Our current mortgage was at 90% LTV and it would be the same LTV on the new house (we're moving sideways rather than up or down into a brand new house from a period one).

NR aren't doing any mortgages below 85% LTV at the moment - do you think they will still let me port my mortgage over to this new house? As it's not really taking out a new mortgage (or would they see it that way?)

Thats the key for me, really, I mean i know that i can port the £180k on same interest rate in theory but will they say that the LTV is too high on news house (even though it's same as current house) cos of the current banking situation?

Does anyone know?

Cheers
Shaunagus

beecher

You need to phone them and ask - no-one here will be able to answer your question as it is up to NR.

Your mortgage will be seen as a new mortgage as you have to fit the lending criteria now, rather than when you took it out so there is a possibility you won't be allowed to port, but there' s no harm in asking.

The fact that you're moving into a brand new house might be a problem too as they are at more of a risk of losing money than an older property.