Will Abbey allow me to port large mortgage now my income is halved

tonyb100

I took out a large mortgage when my income was much higher and mortgage lenders were not so strict. I want to move to a smaller house but will Abbey Nat allow me to port my mortgage to another property now I earn half as much. I am tied in to a fixed rate for another 2 years. I have a perfect credit record but if re-assessed I would only be able to get half the mortgage I have now. Would I have to pay the penalty on the half mortgage that they wont allow me to port. I can pay my mortgage currently but if they found out my income has been reduced will they do anything like recind the mortgage.

Any knowledge/comments appreciated. Tony

Let_Us_See

Abbey will re-assess your position and affordability when you ask to port your existing mortgage. It appears you will not require your existing level of borrowing, nor are you likely to borrow (port) the same level of borrowing. Consequently, you will be charged a redemption penalty on the difference between your existing borrowing and the amount you are allowed or need to port.