Nationwide won't allow us to port our portable mortgage!

The_Joneses

Thank you all for your replies.

Its mentioned that we are lucky in that we are starting a new business as a landlord. This is vvery much the opposite to that.

It was a somewhat daunting thought, andtherefore difficult decision to make, to commit to become landlords as well asbeing fairly new parents with my full time job and my Wife’s part time.

Not something we are looking forward to and also the sums don't add up to us making money, but actually losing money each month... but not losing the 20k we would if we sold.

The_Joneses

Dave_Ham wrote: »

Its still a bit early for me, but am I reading this incorrectly?

OP - have you been declined because of affordability or credit score, or have you been declined because they will not allow you to port a product when you are not selling the home you currently live in?

I think it reads the latter and have not seen or done a Nationwide port for a long while, but if you remortgage to the buy to let first - is there not a time limit (3 months maybe?) when it could then be transferred to the new property??

Question is aimed at other brokers really?

Thanks Dave, and to confirm - yes it is the latter. We were only declined as Nationwide want us off our current mortgage, and they didn't hide that fact either.

Stated to us thats the reason we could not port, is because they don't want us to. Affordability etc is fine.

Do you think we can remortgage to buy to let, and then port to new property?

The_Joneses

kingstreet wrote: »

This is what a Nationwide KFI says about portability back in 2007;-


Was it different in 2004?

Thanks Kingstreet - But whats a KFI?

Our mortgage offer from 2004 refers to 'mortgage conditions 2001'

becominganobsessivesaver

I think you need to stop thinking of it as losing 20k. Say you'd bought your house for 100k in 2004 and its now worth 80k, and the house you're looking to buy is now 160k, chances are if you'd bought that house in 2004 it would have been 200k, so net gain of 20k

It's all relative at the end of the day.

Simon_gloster

Dave, not sure if it has to be a simultaneous sale and completion to port.

I mentioned this on other thread about remortgaging to a BTL with whoever. That nw mortgage is then shut, surely customers are given a period in which they can come back and port. This is what the poster needs to ring and find out.

If it is 3 months as an eg poster, it means you have to apply and complete your new purchase in these timescales from the date you current mortgage shuts down (if this makes sense).

Is going to take 4 wks to remo your home to a BTL and you'll need to have 2 mortgage apps on the go with 2 different lenders with completion date on all happening the same day.

Rather you than me.

kingstreet

The_Joneses wrote: »

Thanks Kingstreet - But whats a KFI?

Our mortgage offer from 2004 refers to 'mortgage conditions 2001'

Key facts illustration. It's the quotation you get to check all the information before you apply.

I've just got the file out for the 2005 case and checked the paper offer. Page 6 of 10 reads exactly the same as the KFI.

If you took out the mortgage before 1 November 2004, it's possible the offer was different as it was issued before regulation started. If it refers to a set of conditions, you need a copy of them to see exactly how the paragraph on portability is worded.

If you don't have a copy, ask the Nationwide to send you one.

The_Joneses

Simon_gloster wrote: »

Dave, not sure if it has to be a simultaneous sale and completion to port.

I mentioned this on other thread about remortgaging to a BTL with whoever. That nw mortgage is then shut, surely customers are given a period in which they can come back and port. This is what the poster needs to ring and find out.

If it is 3 months as an eg poster, it means you have to apply and complete your new purchase in these timescales from the date you current mortgage shuts down (if this makes sense).

Is going to take 4 wks to remo your home to a BTL and you'll need to have 2 mortgage apps on the go with 2 different lenders with completion date on all happening the same day.

Rather you than me.

Thanks Dave, sounds very difficult to achieve this in reality, but i like your theory - as it does make it possible, as i think with permission from NW we can take 3 months to port.

The_Joneses

kingstreet wrote: »

Key facts illustration. It's the quotation you get to check all the information before you apply.

I've just got the file out for the 2005 case and checked the paper offer. Page 6 of 10 reads exactly the same as the KFI.

If you took out the mortgage before 1 November 2004, it's possible the offer was different as it was issued before regulation started. If it refers to a set of conditions, you need a copy of them to see exactly how the paragraph on portability is worded.

If you don't have a copy, ask the Nationwide to send you one.

Oh yes, Key facts of course, sorry.

KFI states... Portable. that is all it mentions regarding the issue.

It was before November 2004.

I have asked Nationwide for a copy but they won't send us one - another barrier they are putting in the way

Dave_Ham

Sorry, that was Simon's view also and it looks like he mentioned on another thread.

I would think if Nationwide play ball that this is possible. Obviously I cannot check as will take a bit of time, but you are likely to need a broker in any case.

If you get a let to buy on a non-simulataneous basis (there is 1 and maybe 1 other lender that will do this) then it gives you the timescales to port (subject to Nationwide agreeing to the 3 months and you fitting criteria)

Speak with your broker and let them go to Nationwide and see if you can get this to stack up...

Best of luck

The_Joneses

Dave_Ham wrote: »

Sorry, that was Simon's view also and it looks like he mentioned on another thread.

I would think if Nationwide play ball that this is possible. Obviously I cannot check as will take a bit of time, but you are likely to need a broker in any case.

If you get a let to buy on a non-simulataneous basis (there is 1 and maybe 1 other lender that will do this) then it gives you the timescales to port (subject to Nationwide agreeing to the 3 months and you fitting criteria)

Speak with your broker and let them go to Nationwide and see if you can get this to stack up...

Best of luck

Thanks again Dave, can you tell me the 1, poss 2 lenders who will do the non-simulataneous let to buy.