Porting my Nationwide mortgage

Matty1985

Hi,

I would really appreciate some help on this!

I currently have a Nationwide mortgage which has approximately 92k left. The mortgage runs at 2% over the base rate.

I want to 'port' this mortgage over to my new property which i am buying, however I will be selling my property first. There would be a 6 week window from selling my property to buying my new house.

I am aware that Nationwide have recently changed their rules on porting mortages and after a lengthly phonce call to one of their advisors I have been told that this must be done simultaneously ie the same day.

I then decided to do some research on google and the information I found was that Nationwide had recently changed the rules from a 6 month window to a 3 month window. It also stated that you had to inform a Nationwide of your intentions before you sold your porperty.

This is obviously conflicting and I am not sure who to believe? Are Nationwide purely looking after their own interests by 'bending the truth' because I would have to go for their new rate which wouldn't be as good.

I am sure that I will have missed something out here, so just ask if anymore information is needed.

Any help/advice would be greatly appreciated !

Thanks
Matt

R_P_W

We are porting our relatively small mortgage with Nationwide to our new property. Although we wont have the window inbetween that you seem to have.

holly_hobby

Portability (subject to your satisfying std uw criteria for the new mge), is done so at the discretion and terms of the lender, and generally applies to simultaneous sale and purchase situations. However the lender may choose to allow a staggered "port" and dictate the max transition period permitted, or may not allow any delay at all ... its their party !

You could contact to verify the conflicting information you appear to have been given - and ask for their confirmation of terms in writing (if it differs from the published terms you are referring to, and is different to the info already verbally provided by them).

If they however again confirm that that they won't permit a transition delay, you are snookered - and will also be exposed to any ERPs as appropriate.

Answer would be to delay the redemption/sale of your current propertry, to coincide as a simultaneous transaction with your new pch, if of course NW have actually agreed in principle to the porting of the product (albeit on a simultaneous sale/pch transaction basis) - as such a delay would avoid the issues raised.

Hope this helps

Holly

Thrugelmir

Matty1985 wrote: »

I then decided to do some research on google and the information I found was that Nationwide had recently changed the rules from a 6 month window to a 3 month window. It also stated that you had to inform a Nationwide of your intentions before you sold your porperty.

This is obviously conflicting and I am not sure who to believe? Are Nationwide purely looking after their own interests by 'bending the truth' because I would have to go for their new rate which wouldn't be as good.

NW can set any terms they like. What ever you find posted on Google is irrelevant. As tomorrow NW could decide to change the rules again.

adzworsley

Matty1985 wrote: »

I am aware that Nationwide have recently changed their rules on porting mortages and after a lengthly phonce call to one of their advisors I have been told that this must be done simultaneously ie the same day.

I then decided to do some research on google and the information I found was that Nationwide had recently changed the rules from a 6 month window to a 3 month window. It also stated that you had to inform a Nationwide of your intentions before you sold your porperty.

This is obviously conflicting and I am not sure who to believe? Are Nationwide purely looking after their own interests by 'bending the truth' because I would have to go for their new rate which wouldn't be as good.

Thanks
Matt

Hi Matt,

I am in the same situation as you and have read the same articles (which look like they were done after the change by nationwide) Did you get anywhere with Nationwide? I am speaking to my mortgage broker tomorrow to see if there are anyways around this. I will let you know if I find out anything useful

Adam

adzworsley

adzworsley wrote: »

Hi Matt,

I am in the same situation as you and have read the same articles (which look like they were done after the change by nationwide) Did you get anywhere with Nationwide? I am speaking to my mortgage broker tomorrow to see if there are anyways around this. I will let you know if I find out anything useful

Adam

Hi Matt,

Quick update, my mortgage broker just got off the phone from her contact in the intermediaries department and she confirmed that as long as you apply in advance (before your sale is complete) then you are allowed to take over the mortgage within 3 months of the completion date. If there are any ERP's these need to be paid but will be refunded when you take out the mortgage on the new property.

Hope this helps, might be worth going over the general mortgage sale people if you have problems.

Adam

Conrad

Beware, sometimes people find themselves subsequently declined when a re - score is done based on your living at the temporary address. Personally not a chance I'd want to take myself. Why can't you buy and sell simultaneously?

hsj45

Conrad - have you tried to buy/sell at the moment??

I thought that I was being responsible in trying to sell my flat with no chain, and only looking to buy once I had exchanged contracts?

Especially when several places that I had wanted to view had actually said that I could not even view the property if I had anything to sell!!

Matty1985 - I've just had the exact same conversation with NW this morning. Then googled it and found the Telegraph article. So have phoned NW back to quote it to them - it was all news to them so they said. So am waiting for them to call me back.....

Would appreciate hearing your latest - I'm just about to exchange on my sale so am not at all happy today.:mad: