Porting application with MX

bex***

Please help...

We have been with MX for around 6 years and have previously ported this mortgage (around 3 years ago) I have spent the last 3 months going through a mortgage porting applicaton with MX and I am still wating for the underwriters answer.

We are looking to part exchange our property for a smaller cheaper place therefore paying back nearly 100k and reducing our mortgage by £300 a month.

We had a offer in principle, filled in the application form and rerturned required documents and no point were told we would have to prove our income (orginal product was self cert) we also were not told that MX are encourgaing their customers to move to other lenders.

The survey has been done that cost us £500 and solicitors have been instructed based on that passing wth flying colours. They have carried out searches etc...therefore working towards a nice bill to be paid to them.

Last week, MX asked for proof of income and information as to any red flags on the credit check. Our circumstances have changed in the last 3 years, my partners Limted company was put into liqudation due to a big job he was not paid for and he has had to set up again as a sole trader, we have been able to provide accounts for the last 6 months for him and a projection of the next 6. I have started a new job and have sent a letter from the employer along wth details of my current job which is only a small salary, Ive no red flags on my credit check but my partner has 6 missed payments on a credit card which he has agreed to pay back the amount in full when the properties complete.

He has 3 credit cards all to be paid back on completion, I have no cards or loans. We also have 5 other mortgages whch are BTL and we have provided rental agreemnets etc for those.

We are now seriously starting to worry if this application is going to go through and we will stand if doesnt (we have tried to sell the property for the last 2 years, with no luck so px appears to be the only option) any help would be greatly recieved.

The_J

If it wasn't a case of you reducing the mortgage significantly I would say that you have little to no chance of getting a mortgage. The short term nature of the new self employment, missed credit card payments etc. does not look good.

However MX will be keen to reduce their exposure and as such may be able to make an exception. This will be purely on a case by case basis so there isn't much we can do.

bex***

Thanks for your reply, MX said they have sent the application to underwriters outside of MX and the choice is soley theirs...so as you say I guess its a waiting game. I have been offered a mortgage today from elsewhere if MX say no but I need to find an additional 30k to put down, Ive no idea how this could be arranged other than trying to borrow from family.

Are there any secured loan packages I could apply for to pay famly back once in the property? the LTV on this new mortgage would be 75%.

Thank you

bigadaj

Can you sell one or more of the buy to let's to release equity?

Thrugelmir

bex*** wrote: »

We had a offer in principle, filled in the application form and rerturned required documents and no point were told we would have to prove our income (orginal product was self cert)

The financial world has changed since you originally took out your mortgage. To port your mortgage you are in effect reapplying to renew it. In doing so you need to meet current lending criteria.

bex***

Ive now been asked to provide my passport and 2 utility bills for my current mortgaged property, why would this be? Both myself any my partner had personal problems and he moved out of the property for a while as did I later on for a few months, we have only been back at the property together a short while and as yet have not recived any bills, Ive asked Eon to send me on a bill and have asked the same from the council but these could take a while to process.

Why would MX be asking for these at ths late stage? They stated something about us not being on the electrol roll therefore we needed to provde utility bills? but they have been aware of us not been on the roll for sometime.

I have sent them a letter advising them of our previous personal situation and a letter from Eon with my new account details and my passport,Ive nothing else to send them at this stage as there are no gas or water bills at this residence, so I am waiting on eon and council tax.

I am unsure what this has to do with the applcation and am wondering if its a delaying tatic in that they are hoping the sale falls through?

Thrugelmir

bex*** wrote: »

I am unsure what this has to do with the applcation and am wondering if its a delaying tatic in that they are hoping the sale falls through?

Not being on the electoral role means people "disappear" from sight. From an underwriters perspective there will be questions.

bex***

MX have now sent transfer documents to my solicitor,any idea what these are? I am told its still not an offer?

Conrad

I don't want to bare bad news afterall MX might play ball, but I have to say I'm very surprised this defunct lender is offering help.

Good luck and all, let us know what happens.
Call MX for an update.

bex***

Thanks for your reply. the update from MX was that they have sent the transfer documents to the solicitor but I dont know what these are? Any ideas?

Conrad

bex*** wrote: »

Thanks for your reply. the update from MX was that they have sent the transfer documents to the solicitor but I dont know what these are? Any ideas?

Normally these are legal insturments used to transfer from say Husband to ex wife.