Porting a NRAM mortgage

kellydobson

I have read a couple of threads before about this sort of thing but I was wondering whether this would work in our situation.
I know that we can port our mortgage, and I've read in other threads about needing a 5% deposit. So... our mortgage is 80k and unsecured loan 20k. If we sold our house for 80k and bought another for 80k is it right that we would just need the 4k deposit + fee's? Trying to make sense of it before we go any further.
Thanks.

Thrugelmir

Unlikely that NRAM will port your mortgage on the basis of a 5% deposit.

Joe_Bloggs

What percentage will NRAM consider for porting ? It is in the interest of the economy that assets can be traded between individuals who have the assets and those that wish to aquire them. Does the unsecured element with NRAM (20K) become a lead balloon trashing any useful deal ?
J_B.

kellydobson

Thrugelmir wrote: »

Unlikely that NRAM will port your mortgage on the basis of a 5% deposit.

I've read on related threads that NRAM will port 95% of the mortgage, so that's a 5% deposit right?

What percentage will NRAM consider for porting ? It is in the interest of the economy that assets can be traded between individuals who have the assets and those that wish to aquire them. Does the unsecured element with NRAM (20K) become a lead balloon trashing any useful deal ?
J_B.

Apparently 95%. We will still be keeping the unsecured loan with them. I think if we were to pay off the mortgage, therefore separating from the loan, then the % goes up 5%.

kellydobson

bump......

beecher2

kellydobson wrote: »

I've read on related threads that NRAM will port 95% of the mortgage, so that's a 5% deposit right?


Apparently 95%. We will still be keeping the unsecured loan with them. I think if we were to pay off the mortgage, therefore separating from the loan, then the % goes up 5%.

You need to contact NRAM, rather than going on what is posted on other threads.

Thrugelmir

kellydobson wrote: »

I've read on related threads that NRAM will port 95% of the mortgage, so that's a 5% deposit right?

Are you downsizing?

kingstreet

NRAM will allow a port at 95% as that was the maximum secured LTV under the Together product.

You cannot increase your borrowing. Therefore, you can only do this with the same borrowing as you currently have, or less.

kellydobson

beecher2 wrote: »

You need to contact NRAM, rather than going on what is posted on other threads.

I have I'm just waiting for them to call back which can take 3-5 days.

Are you downsizing?

No not really, we are just going for something in a different area that needs a refurb.

NRAM will allow a port at 95% as that was the maximum secured LTV under the Together product.

You cannot increase your borrowing. Therefore, you can only do this with the same borrowing as you currently have, or less.

Thank-you that is what I thought.

Hopelessly_Hopeful

Hi

Does anyone know if you borrowed say 150 and currently owe 120 are you allowed to port 95% of 120 or off the orginal 150?

HHx

Thrugelmir

Hopelessly_Hopeful wrote: »

Hi

Does anyone know if you borrowed say 150 and currently owe 120 are you allowed to port 95% of 120 or off the orginal 150?

HHx

If you are in a DMP then no chance currently.