porting with advantage....advice please!

tempy12

Hi all,

I am a newbie so please excuse my lack of knowledge. My partner and i have put an application into our current lenders, advantage, to port our existing mortgage of 118500 on our property valued at 125000 with the new property being 94000. with £12000 in savings. My partner is first named on the mortgage with an ok credit report, my score is good (according to experian), over 890 but i have a settled ccj as of april 2009. The ccj was through my DMP they were paid monthly but still pursued the ccj, at the time (mar 2008)i was unable to settle and paid until the following october when paid in full. We have no other debts and jointly earn just over £50k per annum.

Any advice to whether my ccj will cause the application to be declined even if it is settled?

Thanks

_Andy_

How much was the CCJ for?

ben_Mortgage_consultant

A mortgage of 82k against a purchase of 94k gives a LTV of 87% which in this climate is considered hight risk. That coupled with the recent CCJ will cause some issues in getting an application accepted. First steps is to approach your existing lender who are likley to be more flexible than a new lender. If they say know then lenders at this LTV be Halifax, Natwest, C&G, Abbey and a few others. If the CCJ was relatively small in size then one of these may agree the loan (income is good in comparision to loan requested) If Advantage say no get a copy of your up to date credit file and take aproach an indepdendant mortgage broker.

Mrs_Bumble

Would your partners income carry the mortgage?

How much was the CCJ for?

herbiesjp

I'm not sure the advanatge deal were portable - double check with them

However they were offering people money to move their mortgages away from them

Porting would not work however, as the amount of mortgage is £118500 and the new property is £94k

If they did allow porting, and if they did allow you to do this penalty free as you are reducing the mortgage amount, you would then need to reduce the mortgage amount to the right LTV, and the £12k you have would not be enough to do this