Porting my mortgage, can anyone give me some advice?

cmmessenger

Hello,

We have had an Interest only self cert mortgage with Mortgages PLC for £180000 for around five years.

Before anyone gets the wrong idea the reason it is a self cert was not for "liar loan" purposes but it suited my self employment, our deposit was substantial and we have never missed a payment.

The price of my house has recovered a little of late and we really do need to move, the area is not what it was and we have run out of room. The property is currently worth £210000 and will be an easy sell as this area is popular with military families due to the nearby barracks.

As mortgages have become even more difficult to get these days I don't see that I have any option other then to "port" this one, Mortgages PLC say it is portable but the LTV cannot exceed 90%.

As we will moving to a more cost effective area the price of our next property will probably be between £180 - £205.

Can anyone advise me on the process , pitfalls and blatantly obvious facts that I have probably missed out.

All I know is one thing we HAVE to move this year.

cmmessenger

Any points of view?

Good bad or indifferent!:D

HarveyGal

What are you asking? Whether to port your mortgage? You have not quoted the deal you have - how much do you now owe? Your LTV cannot exceed 90% - have you allowed for fees etc? Will you incur any ERC or might that be waived with your portable deal?
I think portable mortgages still very much depend on the property you want to buy and a lender might refuse a mortgage if the deal does not comply with their strict criteria.
But if you want to move and you can get a mortgage you can afford on your new place - go for it.

pipsqueak1

Just wondering if you did manage to port the mortgage?

We have a Mortgages Plc mortgage too and are hoping to port it but rather nervous about whether it will be accepted as we have had a default (not on the mortgage) since then.

Crinz

Can I just state quickly here that you do not port your mottgage to a new property. You can port your 'product'. this means you can take your current interest rate with you to avoid early repayment fees.

You will still have to apply for a new mortgage and probably give confirmation of income etc. If you can get a new mortgage with Mortgages Plc for a new property then you can probably get one elsewhere.

It just depends on your interest rate whether it is worth porting or looking elsewhere