Porting a NRAM mortgage

Hopelessly_Hopeful

Thrugelmir wrote: »

If you are in a DMP then no chance currently.

Thank you but this is incorrect. Do you mind if I ask what evidence you have for this as NRAM have told me they even port mortgages with ccjs and bancrupcies, its about context, new assessment, salary, communications, payback record.

HHx

Thrugelmir

Hopelessly_Hopeful wrote: »

Thank you but this is incorrect. Do you mind if I ask what evidence you have for this as NRAM have told me they even port mortgages with ccjs and bancrupcies, its about context, new assessment, salary, communications, payback record.

HHx

How are you going to fund the costs of moving?

Are you downsizing?

Do you meet current lending criteria?

Hopelessly_Hopeful

Thrugelmir wrote: »

How are you going to fund the costs of moving?

Are you downsizing?

Do you meet current lending criteria?

To port a mortgage with NRAM there has to be a downsize.

Referring to my post please can I ask what evidence you have or if you are a financial advisor?

HHx

kingstreet

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

You can borrow 95% of the price of the property you are buying as long as that is the same, or less than your current outstanding mortgage.

Hopelessly_Hopeful

kingstreet wrote: »

You can borrow 95% of the price of the property you are buying as long as that is the same, or less than your current outstanding mortgage.

Hi

Thanks for this. I am considering reducing my mortgage by 20k. NRAM tell me that even though my original mortgage was 92% I can't port 92% of the new value. I have been told (and I called back to double check) that when they know how much my house sells for they will calculate the LTV and apply that same LTV% to the new property. The more equity I develop in this current house the lower the LTV over time and that's what they would always apply to the port.

HHx

Thrugelmir

Hopelessly_Hopeful wrote: »

Referring to my post please can I ask what evidence you have

Impossible to pre-empt an underwriters decision on an individual circumstances. So best to talk directly to your own lender.

kingstreet

Hopelessly_Hopeful wrote: »

Hi

Thanks for this. I am considering reducing my mortgage by 20k. NRAM tell me that even though my original mortgage was 92% I can't port 92% of the new value. I have been told (and I called back to double check) that when they know how much my house sells for they will calculate the LTV and apply that same LTV% to the new property. The more equity I develop in this current house the lower the LTV over time and that's what they would always apply to the port.

HHx

Last time I asked they told me they'd allow the same LTV as the original application. I guess they actually meant the lower of the current loan to value, or the loan to value when you originally applied, which I suppose makes sense...

Hopelessly_Hopeful

I have a query that could hit either of the credit score, DMP or mortgage boards. Any comments gratefully received.

https://forums.moneysavingexpert.com/discussion/4514247

HHx