Porting / Tranfering Mortgage

bdevlin

Hi Guys,

I'm a very lucky guy who's just received an inheritance - after years of struggling, some pressure's off. Amazing.

However, a year of particularly tough times has led to a poor credit rating - no ccjs but all of the rest in trumps!

Question: I'm 42, a freelancer (currently working) and would like to move... my small kids are now teenagers. I'm guessing that my bank won't let me - as I understand it, told that porting a mortgage is like applying for a new mortgage ... which I would be refused.... even if I had 65/75 percent equity... is that right?

Anyone had any experience of getting 30% mortgages with bad credit rating?

Thanks

harvey115

I am pretty sure that should be doable, since the deposit amount is so high.

You should speak to a good broker, specialist in bad credit. I am sure you will get a solution on this this.

kingstreet

You cannot transfer a mortgage from one property to another. Porting is moving the rate from the old mortgage you repay when you sell, to a new mortgage on a new property which you apply for in the usual way.

Portability does not guarantee you another mortgage. If you don't meet the lender's criteria, you won't be successful.