Help! Being dumb, Mortgages PLC.

cmmessenger

I am probably being incredibly stupid and will no doubt have this pointed out to me.:D

I have a mortgage with Mortgages PLC, I pay on time etc. and I am aware that they no longer provide new borrowing. We now have no choice but to move in the next year or so and I need to explore all my options, this may be letting our home out and renting another, selling up and renting or possibly porting my mortgage.

In order to establish what options I have available to me I need to speak to a Mortgage advisor and not (according to them) Mortgages PLC themselves, this is fine but they do not provide a list of advisors they use and the one we used to get it is no longer in existence.

Would anyone be able to either tell me where I can find one of these advisors?

I really urgently need to sit down with said advisor and hammer out what I have available to me.:)

Farmerbob

I cant help on finding an advisor, but you the options above depend on you.

If you let the property there will be a loading of around 1.5% on your current interest rate, and I know Mortgages Plc will tell you that it is only for 6 mths. Then you would need to sell, if you go with porting you will have to find a property of the same value or less and within the criteria of the product you are currently on (LTV etc) which would mean if the new property was more than what your mortgage is then you would need to find the difference. Selling and renting is up to you an whether your happy to be in a rented accommodation

I take it that you are not able to sell your current property and then apply for a mortgage with a mainstream lender on a new property?

cmmessenger

Thank you very much for responding!:)

That rules out the letting idea then.

The trouble is whilst we survive ok on my earnings my profits are too low to be accepted by most lenders. They are improving but I simply don't have the time to wait another few years.

I have about £35000 in the house and could probably get hold of another £20000, a purchase would probably be in the £210000/£220000 bracket. However, this all depends if a lender would give me the time of day regardless.

Porting is attractive in this instance but PLC didn't want to discuss it apart from telling me how I would be considered a new application, given my financial position they might just say no. That was when I got to the advisor issue.

Hmmm. Got to move though.

Farmerbob

MPLC essentially need a IFA to submit a completed application form, they say that its considered a new application but seeing as you have demonstrated an ability to pay their existing mortgage you may be surprised that they may agree and port the mortgage. Do you feel that on paper that it appears that you cannot afford to pay for the mortgage?

You also have the added difficulty that if you do port, should then interest rates go up then your payments will go up and can you afford the payments. As you say your situation is improving and you may then be able to absorb rate increases but sometimes it better to be cautious