mortgage advise please! porting self empolyed debt arhh!!

kerrytin21

hi hope someone can help
we have a mortgage with coventry for past 5 yrs never missed a payment now on a fixed rate for nx 4 yrs
partner has perfect credit history is self employed with 1 yrs accounts
im have poor credit history & on a debt management plan which is a new thing since taking out mortgage so not sure how my credit report is looking
we want to move house selling for £160000 buying for max of £135000 so would have deposit of about £25000
spoke briefly with conventry who say we would need 2yrs accounts for partner
if we move companies we need to pay £4600 early charge so would prefer to port
anyone got any advise / delt with conventery?
were thinking about applying & see what they say once its been looked at my underwriter in the hope that 5yrs no missed payments & we would be paying off £20000??
any advise on what to do we really dont want to wait a whole yr for accounts but thats the way its looking
not sure on what checks they do for porting mortgage is it the same as taking out a new mortgage?
thanks in advance!!

Peter_L

Unfortunately Porting means taking out a new mortgage just under the 'old' terms. Your old mortgage must be redeemed and you will be taking out a 'new' mortgage with the features of your old one so it comes down to affordability.

Don't want to be rude but if you're on a debt management plan and your partner has only been trading for a year - is this a good time to be moving ? Maybe wait a year, get yourselves sorted and then reassess the situation before making any commitments even though it sounds like you're actually downsizing ...

beecher2

You'll definitely need at least 2 years of accounts, no matter what you do. Is selling up and renting for a year an option?

kerrytin21

hi thanks for reply ok i understanding the 'porting' thing now thanks
i know it sounds like a dodgy thing to be doing but my partners been working for himself for past 3 yrs but went into partnership with a friend formed ltd which was a bad move which is y he only has 1 yrs accounts (the yr before was ltd & accounts arent worth looking at as turnover was rubbish)
as for me ive been on the DMP for past 4 yrs & will be for at least another 4
do you think it would be worth him applying for mortgage on his own he earns £26000 a yr?
i only work part time on £5000 a yr wonder if its worth me being on it for that small amount taking into my credit history?!
a few people have said halifax are good for self empolyed with 1 yrs accounts ?