Want to port my mortgage need advice as..

happysnail_2

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...

Tuscan

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

What are your two incomes?

How long have you been part time?

Do you have any other debts?

happysnail_2

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

oh and i have been part time for 4 months after maternity but my job has been the same company for 8 yrs

herbiesjp

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.

happysnail_2

Thanks I will speak to a mortgage adviser also i did not realise tax credits could be taken into account thanks for your time