Porting my Mortgage, Mortgage Express

Zachybomb

Having fallen in to debt in 2008 in an attempt to save my company, I have several defaults and two CCjs against my name. After four years of hard work and sacrifice, I finally cleared my 60K debts in February 2013.

I now have a full time job with a generous salary. But find myself in a house that does not suit my growing family. I have been told, even though I now have no debt and a clear payment history for two years, that its not even worth applying for a mortgage.

My house is worth approx 175K, the outstanding Mortgage is 154K. But I now have somewhere in the region of 45K (15=E / 30=S) in equity and savings to put down. I am looking at a house of around 170K thus reducing my loan to value by around 30K give or take costs.

My thought process tells me that, although Mortgage Express are no longer lending, its in their interest to reduce my LTV. I understand my mortgage is portable and have explained the above to ME. To my shock they have more or less said that because of my credit history they would not be able to help me. And would encourage me to look elsewhere (which I have done to no avail).

Can anyone help me with some advise on where to look, how I can persuade them otherwise or any other options I may have?

Just one other thing, I have no interest in renting mine out and renting from someone else. ME have stated that I cannot do this with my mortgage, and would have to obtain a Buy to let elsewhere!!!!

Sorry for the long winded message, thanks for any comments and advise.

Dave_Ham

Hi there,

Difficult choice coming I fear.

Subject to the details, I would suspect there will be options at the 4-5 percent bracket away from Mortgage Express

Clearly you are on a much better rate currently, although they are incredibly, incredibly unlikely to break criteria and port your mortgage.

Good luck

Thrugelmir

Zachybomb wrote: »

My thought process tells me that, although Mortgage Express are no longer lending, its in their interest to reduce my LTV. I understand my mortgage is portable and have explained the above to ME. To my shock they have more or less said that because of my credit history they would not be able to help me. And would encourage me to look elsewhere (which I have done to no avail).

What interest rate are you currently paying? As this may be influencing their decision. Is your mortgage repayment or interest only?

holly_hobby

Its important to understand that the term "Porting" relates to the mortgage product (fixed, discount, etc on the remaining current balance) NOT the underlying mortgage borrowings themselves.

Porting a mortgage product is completely at the lenders discrection, they can and may refuse a port request.

Additionally, even if porting your current product was agreed by ME, the mortage on your new home is classed as new borrowings, and therefore subject to full underwriting inc status checks which will reveal your several defaults and satisfied CCJs, which will continue to cause issues due to the number of defaulted accounts, the amount of adverse, and very recent satisfaction of CCJs (with cert of satisfaction recd from the courts I assume).

You're looking at 125/170 = just about a 74% LTV, which means that there may be some mandate flexibility depending upon the underlying factors re the adverse, demonstrable change of financial circs and the other strengths of your case.

So, if you definately want to move home with a mge, you must realise that ME are out of the equasion for several reasons, and given the circs you definately need an experienced adverse broker (and poss a non-credit scoring lender) for the v best chance of success on this one ...

Hope this helps ... good luck

Holly x

kingstreet

... and trying to get UKAR to do anything is like the proverbial blood from a stone. They are conditioned to try to recover as much tax payer's money as they can and will try to encourage you to move elsewhere.