Porting a Nationwide BMR deal

Thrugelmir

You'll need to make a mortgage application for the new property. This will be judged on current lending criteria. At the same time requesting the port of your existing interest rate.

micadd

i think get it now, thanks folks.
i was thinking along the lines of what someone told me and they obviously deserve a beating

Thrugelmir

micadd wrote: »

they obviously deserve a beating

Not advisable.

Tis the season of goodwill.

dave333

Has anyone had recent experience of porting Nationwide's BMR rate?

Has anyone been rejected for 'business reasons'?

Also, with regards to the term of the mortgage - will the original mortgage term on which the BMR is on apply or will a new term apply? i.e. can you extend the term of the mortgage when you move house while porting the BMR rate?

kingstreet

I haven't done one for a while, but you used to be able to pick the new term to suit affordability. You weren't stuck to the remaining term.

TrickyDicky101

kingstreet wrote: »

I haven't done one for a while, but you used to be able to pick the new term to suit affordability. You weren't stuck to the remaining term.

In 2011 when I ported my BMR rate, I took out additional borrowing over 25 years and the original BMR element had to be extended to be the same maturity as the additional funding (so went from 19 years remaining out to 25 again). So there is (or was) flexibility around the term.

Thrugelmir

dave333 wrote: »

Has anyone been rejected for 'business reasons'?

Lenders are under no obligation to accept your mortgage application nor do they have to give a reason.

dave333

That all sounds positive.

Thrugelmir - My question was really whether anyone has had an application to port rejected for no reason other than that they are on the BMR and Nationwide want them off it...

Thanks

somethingcorporate

They will not give reasons for decline (and nor do they have to) so your question is a bit nebulous.

holly_hobby

dave333 wrote: »

That all sounds positive.

Thrugelmir - My question was really whether anyone has had an application to port rejected for no reason other than that they are on the BMR and Nationwide want them off it...

Thanks

Sorry Dave as I said much ealier, porting is completely discretionary by the lender - to which (and as stated above by others) they will simply refuse your permission to port request - without any expansion as to the basis of their decision.

Whilst we are speculating, how about contacting them and see what their actual stand point is on this ?

Hope this helps

H