Porting Halifax mortgage, no further money needed

purpledragonuk

Hi all,

I'm looking to move house and have a mortgage with Halifax, we don't need to borrow anymore money from them - basically just swap the house that's mortgaged with them (if only it were that simple!!), but want to know what the process for doing so will be? - Do we have to go through the whole affordability process again even though we're not borrowing more??

I do have a meeting with them next week but wanted to get some advice before they start on their sales pitch with me!

Thanks : )

beecher2

Yes, you'll need to be okayed using their present lending criteria, rather than the criteria from when you took the mortgage out. So they'll look at LTV, salary multiples, credit files.

purpledragonuk

Thanks! So if circumstances have changed (i.e me giving up work to look after children) then even though we can still more than afford to pay the mortgage chance's are we wont be able to port because we wouldn't meet their affordability calculator?

beecher2

purpledragonuk wrote: »

Thanks! So if circumstances have changed (i.e me giving up work to look after children) then even though we can still more than afford to pay the mortgage chance's are we wont be able to port because we wouldn't meet their affordability calculator?

That depends on how much your partner's salary is and how much the mortgage is for, but yes, they would take it into consideration.

Thrugelmir

purpledragonuk wrote: »

I do have a meeting with them next week but wanted to get some advice before they start on their sales pitch with me!

Thanks : )

You will be pitching to them. Lenders can cherry pick their customers.