Bad credit history - will northern rock transfer my mortgage to another property ?

newbabyonway

well as the title says really iv got a bad credit history and am just wondering the likely hood of NR agreeing to transfer my current mortgage to another property - reducing the mortgage by around 25% ?

all thoughts welcome and appreciated

_Andy_

Hard to tell as you haven't given any details about what the bad credit history is (for example, there's a huge difference between, say, a missed credit card payment and a CCJ).
That said, you will be assessed against NR's current lending criteria so it may well be a decline.

Dan_1976

I woudl say not, depending on what is bad about it.

They will re-score you and treat it as a new application. Then again at the mo strange things are happening, so why dont you ask them?

Conrad

Unlikely as the responsible lending test has to be met. Furthermore, the whole thrust of Banks now is to clean up thier mortgage holdings.

You don't say if you are putting down a deposit - and if so how much?

beecher

You need to ask them really.

What is your existing LTV, and what would the LTV be on the new property - I don't really understand what the 25% part means

newbabyonway

thanks for replys so far,

I have 2 ccj's from 3 years ago, no credit cards but did miss a mortgage payment around 6 months ago.

as for the 25% part, what I mean is the property i wish to purchace is 25% less than my current property so would be reducing mortgage by that amount.

sorry i have no idea what lvt is ?

beecher

newbabyonway wrote: »

thanks for replys so far,

I have 2 ccj's from 3 years ago, no credit cards but did miss a mortgage payment around 6 months ago.

as for the 25% part, what I mean is the property i wish to purchace is 25% less than my current property so would be reducing mortgage by that amount.

sorry i have no idea what lvt is ?

Loan to value, ie if your house was worth £100k, and your mortgage 70k, you'd have an LTV of 70%. If you're porting your mortgage, don't you need to keep the same level of mortgage (not sure about that so sorry if that's incorrect). NR will have restrictions on how high your LTV will be.

You need to phone NR and go through the details with them

_Andy_

1 missed in 12 is probably going to be a straight decline.