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

The_Joneses

GMS wrote: »

What is the Loan to Value on the new property?

75 percent

The_Joneses

opinions4u wrote: »

I was underwriting portable mortgage with Halifax in the mid-1990s.

I doubt that Nationwide would have been that far behind.

They have given you a fairly clear reason though. If you are selling and buying, fine. If you are retaining your existing debt they're not interested.

Like it or not, they don't have to lend to you and the ombudsman can't make them.

But our existing debt will become a BTL, and therefore not with NW as they don't do BTL's

Why does it matter to NW what happens with our exst debt. if we port to a new property, or current debt will become a debt to another lender.

What difference does it make to nationwide if the couple down the road pay off the debt by buying our house or if another lender lends us the money for it... the end result for nationwide is the same, is it not?

haras_nosirrah

The reason is that accidental landlords are much more at risk of not having money set aside for repairs, void periods or non paying tenants which may put your mortgage with nationwide at risk if you have to pay out for two mortgages.

They have a blanket policy for all rather than manually underwriting each case as a lot of accidental landlords don't see letting as a business but as a means to an end without realising that things can and do go wrong.

opinions4u

The_Joneses wrote: »

But our existing debt will become a

What difference does it make to nationwide if the couple down the road pay off the debt by buying our house or if another lender lends us the money for it... the end result for nationwide is the same, is it not?

If you have two mortgages to maintain you are a bigger risk.

Somebody with £200k of debt is a higher risk proposition than somebody with £100k of debt.

Surely you can see this?

Thrugelmir

The_Joneses wrote: »

Why does it matter to NW what happens with our exst debt. if we port to a new property, or current debt will become a debt to another lender.

Significantly changes the financial risk to them. Given that demand for mortgages exceeds supply. There's a lower risk elsewhere for the NW to advance money to.

What difference does it make to nationwide if the couple down the road pay off the debt

Few amateur landlords have worked out how to achieve this objective. BTL was a fad built on rapidly increasing house prices not the underlying profitability of letting the property.

_Andy_

Bottom line is, they're not going to lend to you, nor are they obliged to.
Accept it, move on and try to find another lender.

BobQ

The_Joneses wrote: »

They are not providing us this info - does anyone have a copy of the mortgage conditions 2001?

I know they are not providing the information, I was simply asking if anyone knew if you are entitled to the information want!

BobQ

The_Joneses wrote: »

But our existing debt will become a BTL, and therefore not with NW as they don't do BTL's

Why does it matter to NW what happens with our exst debt. if we port to a new property, or current debt will become a debt to another lender.

What difference does it make to nationwide if the couple down the road pay off the debt by buying our house or if another lender lends us the money for it... the end result for nationwide is the same, is it not?

NW have never liked BTL mortgages. Personally I would just get a broker to negotiate the best deal for two new mortgages and settle the NW mortgage immediately. I think you have to accept that NW are forcing you to change this mortgage because they can.