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Want to port my mortgage need advice as..

Hi
myself and my husband have a mortgage on a house with nationwide of 155,000 and our house is valued at 180,000, since we first moved i have gone part time and the mortgage person we spoke to at nationwide call centre said that under the current lending criteria we could borrow £148,000 so he said we would be unable to port, as we fall £ 7,000 short .
All we want to do is port our mortgage and we want to buy a house valued at £175,000 is this the end of the road or can we try and get more help as we would love to move but keep our mortgage as we we are fixed in for 6 more years and would have to pay £4000 to get out, any advice appreciated...

Comments

  • Tuscan
    Tuscan Posts: 323 Forumite
    when porting you still have to pass there current lending criteria, its treated as a new application but they will honour any special rates etc you have on the current mortgage , so if your income has changed or your credit score has changed, or you are trying to borrow more. which in there eyes increases there risk, then it can mean they wont do the deal...
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What are your two incomes?

    How long have you been part time?

    Do you have any other debts?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • happysnail_2
    happysnail_2 Posts: 8 Forumite
    edited 25 January 2010 at 5:12PM
    his income is £28000, but has a basic salary of £25,000
    mine is £16000

    we have debts about £4000 on credit card between us my credit card has £900
    and I pay a £145 loan and he has a £179 loan
  • happysnail_2
    happysnail_2 Posts: 8 Forumite
    edited 25 January 2010 at 5:12PM
    oh and i have been part time for 4 months after maternity but my job has been the same company for 8 yrs
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You look borderline.

    I think this should be able to be agreed by them though - as you are looking to get the £155k ported

    You will also have tax credits to take into account as well which will help.

    How long do the loans have left to run?

    Could you clear the 4k card if need be?

    I think you need to talk to a professional adviser rather than a bank adviser. A whole of market adviser would be able to discuss your case in detail, and put forward case case to Nationwide for agreeing the porting.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thanks I will speak to a mortgage adviser also i did not realise tax credits could be taken into account thanks for your time
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