Nationwide porting, borrowing less, HELP

BRADDY_3

Hi, just been reading many posts regarding my query, and im a little worried. Many people are saying nationwide is refusing porting existing mortgages.

My situation

We currently have a mortgage with nationwide, we have £190,000 remaining on the mortgage. We have just this month come out out fixed term, now we are on there BMR.

We are wanting to moved house and port our mortgage on the BMR (our current mortgage is portbale)

We have had our offer accepted on a house for £120,000. I have £12,000 for a desposit, which is 90% ltv of new property. Our nationwide advisor said if needed there offering upto 95% ltv for existing customers. We have 90% ltv so i cant see any problems. Our current mortage was done on 90% ltv too. Our new mortgage will be for £108,000, therefore we will be paying back £82,000.

Our joint income is £59,000, and our credit ratings are 999, 928 on experian, so to me our credit scores are top notch. We have been told we can borrow upto £197,000, but we only need £108,000. We will be paying them back £82,000 from our current mortgage plus our new mortgage will be a lot lower.

We wont have any ERC as we are out of our fixed term. After reading on here that nationwide are refusing people for no good reasons im very worried. Our application has been sent to head office to be done (all porting has to be done there)

Does anybody see any probelms we will have?

Any help much appreciated

BRADDY_3

can anybody give me some info, PLEASE!

everton1a

nationwide will let you port what ever rate you are on. as existing customer you can borrow up to 95% against your new home and they will let you port the BMR rate which is currently 2.5%. i am a nationwide mortgage consultant. it does not have to go to head office for this it can be done at any branch by a mortgage consultant. only goes to head office becasue you are going through a broker, they have to deal with head office. quicker and easier to go to branch at least you get the right information. hope this puts your mind at rest.

BRADDY_3

cheers for the help.
We went to nationwide for the mortgage, the advisor was told all porting mortgages had to be done at head office.
So there shouldnt be any problems porting and borrowing less (downsizing)??