Porting a mortgage

MrsGood

sorry if this has been asked a million times before!

We took out a mortgage last year with HSBC. I have since gone on maternity leave and at the moment I dont plan on going straight back to work so my husband will be sole earner.

We are looking to relocate to the midlands in the hope that we can get a bigger house for the same mortgage value so we would like to move our current mortgage to a new property.

What checks etc would HSBC be likely to carry out on us? I fear that this will all be impossible unless I go back to work full time and be back to earning the same salary as when we first applied for the mortgage. Obviously my husband can cover our monthly expenses as we have made the decision that I wont go back to work yet. But how will HSBC see this?

can anyone offer any info or advice before I have to get on the phone to them?? thank you!

Thrugelmir

You'll need to submit an application for a new mortgage. Porting only refers to the terms and conditions attaching to the mortgage, i.e. interest rate. So the amount that HSBC will advance will depend on their lending criteria at the time of application. An additional dependent will also impact affordablity.

holly_hobby

Thurls has explained this well ... portability refers to the mortgage product aka interest rate, and NOT the actual amount of lending.

Your application will be assessed as any new application would be, with the relevant credit and status checks made - should you pass these they may offer you the same amount of mortgage you held at redemption on your "old" property, on your "new" home, with any extra borrowing in excess of this placed at your choice, by a product from their current range.

Hope this helps

Holly