Chances of being able to port mortgage in future?

mark432

I am a first time buyer borrowing £80,000 for £125,000 flat, so my LTV ratio is 64%. I am borrowing 5 times my salary of 16K. I have been told by Alliance & Leicester that the mortgage is portable and if I move I can just port the mortgage subject to their terms and conditions.

However I have read lots of scenarios where the lenders borrowing criteria has changed, income has changed, debt/credit scores have changed etc. and have not been allowed to port the mortgage.

In my current situation, is it likely I will be able to port my mortgage in the next 5 years if:

1) I move to a property of the same amount (£125,000)?
2) I move to a higher value property (above £125,000)?
3) I move to a lower value property (below £125,000)?

Or am I likely to be refused in any of these situations?

Thrugelmir

mark432 wrote: »

However I have read lots of scenarios where the lenders borrowing criteria has changed, income has changed, debt/credit scores have changed etc. and have not been allowed to port the mortgage.

In a way you've answered your question. Your lender can change the rules at their own discretion.