Advice needed porting mortgage please

rob7475

Hi,

We are looking to sell our house and buy a new one. We bought our current house for £96000 in 2005 and currently owe about £89000 on the mortgage with Accord Mortgages.

We have had an offer on our house of £108000. I have made an offer on a reposession of £98500. We want to port our current mortgage to the new house (we don't want any additional money, just the same amount as we currently owe). This will make the LTV about 90%.

I have spoken to Accord who told me they can't do anything until we get our offer accepted and fill out a new application.

Does anyone have any idea if accord are likely to approve the mortgage bearing in mind that we don't want any extra money off them? My worry is that their max ltv stated on their website for new customers is 75%.

Any advice would be appreciated.

Thanks

Rob

beecher

Did you ask Accord what their maximum LTV would be? They maybe can't do anything until you fill in new application, but surely they can tell you this?

Mrs_Bumble

What does it say on your offer from Accord, is the product portable and what is the maximum LTV on the product.

Then go back to Accord and ask them what the likelihood is that they will allow the port?

Lenders generally allow themselves some movement in the availability of porting by stating that current lending terms will be applied etc, so it is only Accord that can answer the question for you.

Pin them down for an honest answer, using the details in your current mortgage offer.

rob7475

Thanks for the advice.

I've just phoned accord again and spoke to a much more helpful lady.

She has told me that as our current product is a 95% product we can borrow upto 95% still. That's a huge weight off our shoulders!! :j

Rob

Mrs_Bumble

I am glad:)