Porting My Mortgage

flimbles_2

Good Afternoon All,

My first post and I'm hoping I can get an idea of where to go next.

My situation has is quite complicated so I shall try to put it over in the least complicated way possible;

Ok firstly I have a mortgage from a company called TMB who no longer accept new applications etc - but Birmingham Midshires are supposed to be supporting their products (aka The Bank of Scotland). I got the original TMB mortgage 2.5 years ago after my marriage broke up, and the business I was co-founder of went into liquidation (my credit rating was not the best at the time). I bought my ex-wife out of the house as she moved south and I kept the kids. When i got the mortgage i asked for and duly got a portable mortgage as i knew that in a few years when and if I needed to move my credit rating may well still have a major affecton getting a new mortgage. And now I am at the crux of my problem, I need to move - I have a new partner - yipee - and she is moving in with her 2 kids, so I need a bigger house, there are bigger houses near me and i can afford to port my mortgage and we can make up the difference - but i have been told that i can't port it anymore?

My credit rating is still poor, due to being made redudant last year.

So what are my rights in regards to my existing product is the first step, the next step is then, can i use it or do i have to go into a council house?

Please can someone give me a little advice?

beecher2

Unfortunately you don't have the right to port a mortgage as they will always treat your application according to their present lending criteria. If the bank have told you that you can't port, then you can't. How big's your deposit? And what sort of salary multiple are you looking at? Maybe a mortgage advisor would let you know if you would be likely to get a deal elsewhere.

herbiesjp

Why is your credit rating so poor? What is on there i.e. CCJs, defaults, bankruptcy? Do you have an up to date copy of your credit file?

What is the new property price? What deposit do you have to put down? What are your two gross annual salaries?

Conrad

You mentioned having an ongoing poor credit rating so obtaining a new mortgage anywhere will involve high rates. There are a handful of lenders that might consider your case but above all else they need you to demonstrate by way of your recent past that any new lending is affordable and responsible.

One possible lender is Melton and thier rates tend to be better than other sub prime lenders. They're an old fashioned lender with old fashioned underwriters that take a Human common sense approach rather than a computer says no method.

Good luck