Nationwide Porting Concern - Is this a No!

gordiegem

Deleted. Thanks for advice

beecher2

Can't you overpay the 17k now rather than waiting?

gordiegem

Before I overpay £17k from my savings I want to make sure that the buyer was going ahead eg. getting survey done etc. If for some reason buyer pulled out I would keep £17k savings where they are invested.

Simon_gloster

Portability is at the discretion of the lender amd not a rite to the borrower.

You would have to satisfy the lenders criteria at time of application, whether over the phone or through branch. Should you not fit criteria, move lenders and forego 2.5%. Harsh but reality I'm afraid.

gordiegem

Deleted. Thanks for advice

Thrugelmir

Much has changed in past 8 months.

As the LTV will be at 95% there's no guarantee that the NW will allow you to port on current terms and conditions. Most likely will fall outside of current underwriting criteria.

gordiegem

Deleted. Thanks for advice

R_P_W

Apologies and maybe i'm getting wrong end of the stick here.....but what is your motivation for moving?

If I read your post correctly its says you want to address your negative equity by selling your property and downsizing? If you don't need to move for work or for any other reason why don't you just stay put? You are also on a really good % on the your mortgage with Nationwide, which by the sounds of it you will be giving up when you sell? Is there any reason why you cant stay there and overpay like you have been doing?

gordiegem

Deleted. Thanks for advice

Dave_Ham

You need clarity on this and the only place you will get this is Nationwide.

I would almost certainly prepare yourself for bad news though I am afraid. I cannot see Nationwide increasing their risk and allowing a 2.5% product to be moved onto a 95% loan to value banding.

I can appreciate the efforts and strides you have made, but the banking world still does not look into this and it will be a black and white policy matter, with the suspected no thanks coming your way.

Could you maybe get consent to let from them and rent out and current property and rent a smaller property closer to parents..?

Sorry, just thinking of a plan b.

All the best