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Advice on porting NRAM mortgage
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izzywizzy19
Posts: 19 Forumite
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
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
0
Comments
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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.0 -
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.0
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