NRAM porting mortgage query

Kittyrow

Weve made the application already, just wondering if anyone has successfully ported a mortgage on to another property with a poor credit history (ccj and charging order) but perfect repayment mortgage history all on time none missed and no holiday payments. Outstanding balance 90k. Property valuation £80-£85. Potential property asking price £60k. Repayments capital and interest over six years. 100% mortgage. 29 years left, but asked to reduce the terms to 20. Husband earns £35k and increases yearly. I'm a homemaker until my daughter starts school next year. Please don't judge the debt, it was to pay legal fees for representation in a family court for m husband to obtain a court order to see his children from a previous relationship. We buried our heads where the debt was concerned. It was £3000 or there abouts. The potential property is much bigger and needs modernisation that we can adapt as we go along. We have recieved some inheritance that could get s started. Your advice will be gratefully recieved.

Thrugelmir

Whatever reason the debts were for. All your credit record shows is that you did "bury your heads in the sand". So to restore credibility you need to maintain an impeccable credit record for a few years.

Use the inheritance to clear your other debts. As the charging order certainly needs to be removed. Then build up some equity in your existing property.

Kittyrow

Thank you for taking the time to reply. I must add that if we were cheeky enough we could maybe reduce the asking price by another 10k . It belongs to my parents in law (their second property)NRAM tell me the they look at each case on an individual basis and more towards affordability than credit agreements that have been broken with other lenders. the house we live in now has no scope for any further improvements. The potential property has been valued at almost £70k and has loads of potential to sell for £125k when improved. We are thinking long term... More space for less money, and eventually more equity. Safe as houses, or dangerous game?

sarah13_2

Kittyrow please can u say if u were able to port it? I'd like to port too but have an unfavourable credit rating. Thanks

Thrugelmir

sarah13 wrote: »

Kittyrow please can u say if u were able to port it? I'd like to port too but have an unfavourable credit rating. Thanks

Best to start a new thread.