porting/ adding to a mortgage ?

jennyn8545

hi all,
im sure someone on here will know about porting ect.
we have had mortgage nearly 6 years with nationwide, in that time had gotten into quite some debt (stupidly) however it is all under control now, and being paid off monthly.
the time has come where we have to move to a 3 bed house.
But with our poor credit score will nwide let us port, let alone borrow more ?!?
we currently owe 73,000 (worth only 75,000), wnat to buy new one for 80,000 ( reduced rate, family own house)
am i wasting my time ? any advice would be fab thanks

holly_hobby

Hi

Porting in mortgage terms, relates to the transfer of a mortgage product (fixed, discount, etc ) from one mortgage arrangement to another (with the same lender).

This is dependant upon you satisfying the lenders status checks for your new borrowing (inc any additional finance), following successful application, they may then permit you to effect an amount equal or less than your current mge, on the same mortgage product for its remaining term. Any additional borrowing will be effected on a product from the lenders current range.

Before you get any further down the line, I would firstly suggest a call to your lender to see if they would be happy to finance your new house pch, following your recent finance issues. If not, then you may wish to reconsider a house move, or a change of lender (which may be difficult at this current time, depending on the severity of the financal blip you have had)

Hope this helps

Holly

Wh05apk

Nationwide will do upto 95% for existing borrowers, and will also let you port your current svr (which I am assuming you are on SVR?) at 2.5% which will be a superb deal regardless of how much deposit you have, talking about deposit, how much have you got, can you get a 5% deposit as equity wise you have little or none after paying fees etc.

Also just re-reading your original post you say "however it is all under control now, and being paid off monthly" does that mean you are still currently in arrears? if so I doubt they will even consider under the arrears have been cleared for 12 months.