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Porting / Tranfering Mortgage

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

Comments

  • harvey115
    harvey115 Posts: 691 Forumite
    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
    kingstreet Posts: 38,989 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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