Moving house/Porting advice

Byrne07

Hi, my Mum has accepted an offer on her house and had one accepted herself today. I am concerned as I know her mortgage is with NRAM and she is expecting to move it over to the new house.

The new property is £230k and the one she is selling £245k yet the one she is buying is valued higher so she didn't expect it would be a problem.

I have suggested a meeting with a mortgage broker asap as I have seen on here today that NRAM are not porting, I'm just worried and in need of advice as to where to go with this as the buyer is pushing to exchange contracts yet this hasn't even been looked into yet and as she is single and part-time (which is the same situation as when she got the mortgage in 2006) if it will be as easy to borrow the £48k remaining as it was then for her.

Many thanks for your anticipated help.

kingstreet

You can port with NRAM. The problem is, you can only borrow what you already owe now, or less, and there are no new products, only 4.79% standard rate. You still have to satisfy affordability criteria. You don't simply get to keep what you already have when you move.

http://www.nram.co.uk/en/customers/mortgages/other-enquiries.aspx

Moving home

If you are moving home, you may be able to move your existing mortgage with you through a process known as porting. However, since we are now unable to offer additional borrowing to existing customers, if you are moving home and are hoping to borrow more money, you will need to move your mortgage to another lender. To make this process easier for you we are currently waiving Early Repayment Charges** that may still apply to your mortgage. However, this offer may not apply to customers with Lifetime mortgages, please contact us to find out if you qualify.
To find out what options are available if you are moving home and are considering moving your mortgage with you, please contact us so that we can discuss your individual circumstances.

I agree with the suggestion to talk to an independent or whole market broker. Getting a new mortgage, with NRAM or with another lender is going to be based on current lending criteria and status.

Thrugelmir

Byrne07 wrote: »

I'm just worried and in need of advice as to where to go with this as the buyer is pushing to exchange contracts yet

If the offer was only accepted today. Then the buyer will have to accept that it will take your mother a few days to move her purchase transaction along. Suggest that she keeps her EA informed and let them deal with an impatient the buyer. House moving is stressful at the best of times without unnecessary hassle.