Advice on porting NRAM mortgage

izzywizzy19

Morning,

I was after a little bit of advice with regards to an NRAM mortgage that I have. We have had our current mortgage since 2003 with Northern Rock and then to NRAM. We are looking to possibly port our existing mortgage (£138k) to another property but since we took out the original mortgage our circumstances have changed. I now work part time rather than full time after having my two girls and my husband is now self employed. He has only been self employed for 6 months so doesn't have 3 years worth of accounts that most lenders want but is earning more than when he was employed. Our current monthly payment is £754 but we have overpaid by £100 every month for the last 2 1/2 years so pay £854.

Do you think that the change in circumstances will affect us being able to port our mortgage? Will it be like a new application?

Thanks in advance

Amy

betmunch

It will be a new application, and it will be declined due to lack of income as NRAM will not accept your husbands income.

Sorry, but you will need to wait.

Once hes got a years books there will be other lenders, but not NRAM that will consider you for a mortgage.

izzywizzy19

I had a strong feeling that would be the answer. So they will treat it as a new application? Its so frustrating because the mortgage will be exactly the same just on a different house. I wish it was as simple as just changing the address details.

Thanks for your reply.