Downsizing and Porting

steady_35

My current house is not too convenient for work and I would lke to move area, the area I am looking at has cheaper house prices. My existing mortgage was on 100% LTV and I should just recover costs from sale. I have funds for the house move and my existing borrower can lend 95% LTV on a porting basis.

However after talking to them they have initially declined my application, as the current borrowing is 100% at GBP150000 and the new borrowing likely to be GBP106000 at 95% is it likely they will approve the application as they have passed to underwriters?

I have some outstanding debts on credit cards and personal loans, the amounts I am asking to borrow in relation to my income are within the lending criteria. I have never not paid anything so can't understand the decision.

Conrad

Steady without masses more info it's impossible to predict the outcome. Credit scoring is a funny beast and considers much more than whether you have paid debts on time in the past.

95% borrowing is considered very high risk, no exceptions, and in my experience few applications make it.