Mortgage Transfer

Mazzawa

Have just read something in the local property press that looks promising if it will work for us. Long of the short is that we want to move into a family house, selling our apartment in the city. We had a fixed rate deal with Nationwide that ended I think 18 months ago and we're one of the lucky ones following the base rate.

The article says you can take your mortgage with you when you move i.e. term, rate, t's and c's etc as long as you move into a more expensive property, but will probably still have to pay for valuation etc. If we're on the base rate with no fixed term now, what is the likelihood of Nationwide allowing us to take that with us to our next house?

I should point out that the mortgage article is about lenders in general, not Nationwide.

Any ideas?

beecher2

I think you may have to be in a deal to port - ie a fixed or tracker rate. You don't hve to go to a more expensive property to port your deal, but the LTV has to stack up with lender's requirements. You'd be credit checked again and they'd use today's lending criteria rather than what it was when you first got your mortgage. You would definitely have to be for a valuation. The article seems a bit inaccurate really.

Phone up Nationwide to find out for sure.

getmore4less

Check with your T&C's if the mortgage is portable.
Check with the lender if the mortgage is portable.

Be prepared for them to not make it easy.

New LTV, salary multiples etc. will need to be good.