Nram successful mortgage porting

Kittyrow

Just wondering if any nram customers have sucesfully ported their mortgage? We are awaiting the decision from our affordability application but cant get any sense from customer services who keep telling me that the porting department are busy! Really curious to know if successful ported mortgages have been completed with a poor history regarding non nram debts. All our mortgage payments have been made on time without fail and without a holiday. All capital and interest. We want to purchase is cheaper than our current property (60k) and our outstanding balance is 90k. Our home was valued between 83-87k. Any snippets of personal experience in this area will be valued. Thanks in advance

Simon_gloster

I didnt think they were portable? Do you have savings to fund the purchase as your post indictes -ve equity.

Kittyrow

Yes, they are definitely portable but they are unable to offer any further lending. We have savings to cover the move and have been told if successful they will write off some of the unsecure debt from the together element and will port 95% of the potential property price. We can borrow only to the original agreement. My worry is debt from a card that turned bad in the last four years. Customer services told me during the application that it was more to do with affordability than credit history and the relationship with nram. For us this has been impeccable.

Simon_gloster

So have you done an AIP? If its an affordability shortfall, this worrying.

What are the household annual incomes + any benefits if applicable? Also monthly debt outgoings so I van get an idea of why its an affordabilty decline on a PP of £60K. Cheers

Thrugelmir

Kittyrow wrote: »

We are awaiting the decision from our affordability application but cant get any sense from customer services who keep telling me that the porting department are busy!

NRAM no longer writes new business. So the back room administration staff are progressively being scaled back in number to reflect the contracting operation. .

Simon_gloster

Thrugelmir wrote: »

NRAM no longer writes new business. So the back room administration staff are progressively being scaled back in number to reflect the contracting operation. .

I knew what I meant....sort of....when I said they wont port. Thanks for clarifying this.

Their so called 'toxic' book cannot be shifted quick enough as far as they are concerned.

May not be what the op wants to hear but its not looking too good.

Thrugelmir

Simon_gloster wrote: »

Their so called 'toxic' book cannot be shifted quick enough as far as they are concerned.

Might be toxic, but a 4.79% SVR. Means that the mortgage book should return a profit over the next 15 years.

Kittyrow

It hasn't actually been declined, but I'm unable to get any sense from them. Apparently it's still with the underwriters. I don't work but will return to teaching next sept. My husband also teaches and his income is £35k. A
Monthly income (with wage, child benefit and mainetnce)£2489. Monthly expenditure £1405. The rest is disposable and between £300-£500 is saved monthly. We took the mortgage in 2006 as a 100% together mortgage over 35 years. In the application we also proposed to reduce the remaining term from 29 to 20 or possibly less if advised it's appropriate.

Thrugelmir

Kittyrow wrote: »

In the application we also proposed to reduce the remaining term from 29 to 20 or possibly less if advised it's appropriate.

A very constructive approach.

Are you overpaying your mortgage at the current time?

Kittyrow

No. We haven't over paid regularly but have injected 2x £500 when we received our ppi refund. We didn't pay off the unsecured element and have since learned that we could have altered the interest. Our regular monthly mortgage is 476. If all this is declined, our plan is to reduce the years left to 15 years and the payments go up to 718. This is manageable as things stand. Makes mOre sense if the business is winding up for them to let us sell, let us move into a property £60k and pay it back sooner. The potential property is my father in laws second propery and I'm sure if we were cheeky enough we could offer £55/58k and it be accepted. On the application we've stated 60k. The call centre is miserable to deal with. On hold for an age and then porting team too busy, or rings until line goes dead.