nram porting with bad credit

angieplus4

hi all just wondered if could help or has any one done this , i am thinking of moving home and i am with nram current mortgage £142
we are also on a dmp to the tune of £40k my current property is wortrh roughly 230k we are looking at buying a property worth 145k and was wondering if any one has ported with nram ? also our circumstances have changed and my partner now earns about 19k and i am a stay at home mum , because we are earning less now do they take this in to account or am i stuck were i am till our situation changes any advice would help a great deal x

DevCoder

I thought you agreed not to take on or seek/ apply for credit when on a DMP (i.e. loan/mortgage applications ?)

angieplus4

i would not be taking on any more i would be able to pay back everything i owe and pay some off my mortgage , i though porting was just that ?

Thrugelmir

Suggest you sell the property. Clear your debts. Then move forward from there.

Your previous credit history may well impact you from obtaining a mortgage for a while.

angieplus4

that is the ideal situation but where would we live if that happened and would we get a mortgage again ? so im guessing the answer is no we would not be able to port our mortgage?

Simon_gloster

Angie, if nr did allow you to port, unlikely, they will base you on the new mortgage as of now. Highly likely a credit score decline. Portability is a facilitu offered, not a given should you not fit criteria.

Sell, pay debt, clean slate, save.....win win win.

GMS

Porting would require you to meet all lending criteria at the time. Not a simple case of moving the mortgage. DMP likely to cause issues.

Credit to you for looking to repay the debts, must be difficult to sacrifice your home. However it will probably be the best move in the long run.

I would suggest you speak to a broker to see if this can be done. Get copies of your Experian, Equifax and Call Credit credit reports

Good luck and fingers crossed for you.