Porting our Mortgage with Northern Rock

kerryt76

Hi all,

We want to sell our house to move to another but want to port our mortgage to the new house. I contacted Northern Rock (NRAM) to discuss and they said someone would need to ring back. I have just taken the call and given them all the details and they have said that in principal they would port the mortgage over but now we need to fill in an application form and send a payment of £250 to process and then we have to pay another fee of £150 followed by £150 for a valuation. We are buying our inlaws house which is valued at £280'000 but we would only be paying the amount we would receive for our house which is valued at £180'000. What I don't understand is that we have never missed a mortgage payment but now have to provide wage slips again along with outgoing information and go through another credit check.

Has anyone else experience this? Any advice welcome. x

Thrugelmir

Porting a mortgage is the transfer of the terms and conditions. Not the actual mortgage itself. You will still be required to apply for a new mortgage to ensure you meet the current underwriting criteria.

In moving property you will incur all the normal costs.

kerryt76

Thank you for explaining.....we really didn't want to go down the road of applying again as I have taken a career break from work for a year and will only be returning 18 hours per week where before I was working 37 hours. Thanks again. X