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Advice on porting NRAM mortgage

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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

Comments

  • betmunch
    betmunch Posts: 3,126 Forumite
    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 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.
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