Porting with Barclays an issue (previously ING)

moma-honey1303

I was agreed to port my mortgage with ING Direct as Barclays started the merge, then a few months later I changed the property and asked to potentially lend £10k more, but still bringing down my loan, they are now asking me all sorts of questions and I feel are treating my like a completely new customer and not what it says in their T&C's as a longstanding ING customer. I feel totally duped. Any others experiencing same, or can you help Martin?

_Andy_

Porting is always treated as a new application and underwritten again. They're quite entitled to ask you any questions they like.

You've not been 'duped' and whether you're longstanding or not isn't relevant.

holly_hobby

Porting relates to the mortgage product (ie fixed, discount, etc) but NOT the underlying mortgage borrowings it applies to.

Any mge on a new property is classed as completely new borrowings, and therefore subject to full underwriting, status assessments etc, even if the new mge reqd is less than previously held, and even if you've been a customer of theirs for 5 mths, 5 yrs or 50 yrs .... its a regulatory requirement under responsible lending regs.

So don't worry, you've not being singled out, its just standard procedure (which they should have explained).

Hope this helps

Holly x

Thrugelmir

moma-honey1303 wrote: »

I feel are treating my like a completely new customer

Your personal circumstances could have changed completely since your original mortgage application. So yes, in a sense you are "new". Any lender would review your file before agreeing to lend on a new application.