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Porting Nationwide Mortgage
Beesfc
Posts: 1 Newbie
I am looking for some advice & clarification.
I have a nationwide mortgage which is on the base rate, a very attractive rate. I have an agreement to port this mortgage to a new house once my house has been sold. Our chain recently collapsed and we are now looknig to remortgage our existing property to rent out and move to the new house, we thought we could still port the existing base rate over as agreed with someone buying our property, we are now getting rumblings that we may not be able to port the rate over if we go down the buy to let route.
It has not been confirmed by the nationwide either way yet, I am looking for advice as to if this is likely and an explaination as to how and why they would do this.
I have a nationwide mortgage which is on the base rate, a very attractive rate. I have an agreement to port this mortgage to a new house once my house has been sold. Our chain recently collapsed and we are now looknig to remortgage our existing property to rent out and move to the new house, we thought we could still port the existing base rate over as agreed with someone buying our property, we are now getting rumblings that we may not be able to port the rate over if we go down the buy to let route.
It has not been confirmed by the nationwide either way yet, I am looking for advice as to if this is likely and an explaination as to how and why they would do this.
0
Comments
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You're transferring from one Nationwide product to another on your current property, or remortgaging to a new lender to raise more money, so when you move there won't be a product left to port, I'm afraid.
Porting involves the direct transfer of a product from one Nationwide mortgage on one property, to a new Nationwide mortgage on another.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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