If I move house, can I keep my current mortgage?

Tradergirl

Hi everyone

I have a wee question I was hoping someone could help me with.

I have a mortgage with Barclays which is currently 0.9% above the bank of England base rate. My home is worth around £117,000 and I still owe £102,000. When I took the mortgage, Barclays where giving 90% ltv this has since reduced to 80% ltv - until at least the end of this year.

I am thinking about moving home to a similar priced property so I wouldn't need to borrow any more money. Would I be able to keep my current mortgage? or do I have to go through the whole application process again?

I'm worried incase I need to re-apply as my circumstances have changed and I am now a housewife (the house is just in my name though) so I don't have payslips. I have never missed a payment on my mortgage and my credit rating is better now than it was when they gave me my mortgage.

Any help would be great.
xxx

getmore4less

My guess is no chance.

First thing to consider is

How will you fund the cost of moving?

herbiesjp

If you want to keep your current mortgage, it has to be portable.

There are no guarantees with portability.

When porting it is treated the same as a new application - so fully underwritten, and you need to be able to meet the T&Cs currently in place with the lender.

Based on having no income, this is not going to happen.

Unless you have a partner who you want to add to the deeds/mortgage - or a guarantor.

Tradergirl

getmore4less wrote: »

My guess is no chance.

First thing to consider is

How will you fund the cost of moving?

My partner works and he gives me a weekly "Wage" to deal with all the bills etc. I'm no worse or better off than I was when I was working, I just don't have payslips anymore

tootsieroll_2

Hi there - I have a similar question so hope it's ok to jump in on this thread. We have a portable mortgage with NR, and from what I can tell from their website and other info, I'm still entitled to this feature of my mortgage as long as it doesn't require additional borrowing. We're looking at whether we could take the mortgage to a house that costs less than ours did, but is worth more on the home report (it is being repossed). Our mortgage was for £131,000 (we bought for £137,000) and our house is valued at £140,000. The other house is on the market for £134,000 but is valued on home report as £145,000. I'm still in the same work as when we took out our mortgage, but my oh is now self-employed as a foster carer which makes things tricky. Would we have any chance of porting the mortgage?

Ta very much x

beecher2

tootsieroll wrote: »

Hi there - I have a similar question so hope it's ok to jump in on this thread. We have a portable mortgage with NR, and from what I can tell from their website and other info, I'm still entitled to this feature of my mortgage as long as it doesn't require additional borrowing. We're looking at whether we could take the mortgage to a house that costs less than ours did, but is worth more on the home report (it is being repossed). Our mortgage was for £131,000 (we bought for £137,000) and our house is valued at £140,000. The other house is on the market for £134,000 but is valued on home report as £145,000. I'm still in the same work as when we took out our mortgage, but my oh is now self-employed as a foster carer which makes things tricky. Would we have any chance of porting the mortgage?

Ta very much x

The LTV would be based on the amount you pay for the property if it is less than the valuation. So your LTV is far too high to allow porting, regardless of your income. You'd need to bring the LTV down by overpaying at least £10,000 and would also need the moving costs on top of that.

herbiesjp

You need to fit current lending criteria, and the porting will be full underwritten and treated like a new mortgage application

So if NR require 1/2/3 years fo self employed accounts, that is what you need to provide.

Give them a call and discuss what they would need.

The issue on valuations will also cause you problems.

tootsieroll_2

Ta very much - it's obviously going to be more complicated that we initially thought. Will look into your suggestions.

LauraLeah91104

i have the same problem. our house in on the market for £82500, we bought it for £64,000 back in 2005 and we have seen a house for £76,000. we presumed that because we didnt need to borrow anymore money that we wouldnt have a problem and that we wud be able to pocket the difference between what we sold ours for and what we wud buy the new one for (which is a repo). However im now told that we will still need a new mortgage as we are also with northern rock, but the part of the company that had its license revocked after the problems which hit a few years back. our credit rating is bad, due to redundancies a few times and although we are both working again and earning, if it goes on a credit scoring we r worried that we will sell ours and not be able to get another mortgage. our estate agent mentioned 'porting' the morgage across, so i presumed it was easily done and fairly straight forward. the mortgage we have at the minute in solely in the name of my husband, but if we were to have to get a new one, we cud put my name on aswell and include my earning, do u think that would make any difference?