Advice please - porting mortgage

bikermom

My husband and I have just been declined by natwest for a re-mortgage to move home - we applied to port our mortgage and borrow an additional 25k, and extend the term from 17 to 30 years.

Now we have looked into it - and have managed to achieve the deficit that we needed - so all we need to do is to move the mortgage from one house to another. Have spoke to the bank and the underwriters are now to re-asses the request - would there still be a problem as we are changing NOTHING, just moving from one house to another which is worth double.

For information we were declined on my husbands banking behaviour and payday loans.

Thrugelmir

bikermom wrote: »

For information we were declined on my husbands banking behaviour and payday loans.

Only time and an impeccable record will resolve this and change the underwriters mind. .

mrginge

You port the rate, not the mortgage.

You are applying for a new mortgage and must qualify for it the same as any other borrower.

bikermom

But we are not applying for a new mortgage? we are just moving it from one house to another.

mrginge

bikermom wrote: »

But we are not applying for a new mortgage? we are just moving it from one house to another.

You can't move a mortgage from one house to another.

You ARE applying for a new mortgage.

Thrugelmir

bikermom wrote: »

But we are not applying for a new mortgage? we are just moving it from one house to another.

The mortgage as you know it is purely a loan for the purpose of buying a property.

The mortgage is actually the legal charge placed on the property to secure the debt.

bikermom

Ok... thanks for the advice it pretty much looks like we cant move then.