Awaiting underwriters decision...

kellydobson

We have a mortgage with NRAM. Had an offer on our house and put an offer on another. The new house is worth less than ours so the mortgage will be less, as will the payments. We're porting our mortgage over as hubby only became self-employed this June so can't apply for another mortgage. We have had to apply with NRAM to port the mortgage and not sure if the underwriters will approve with hubby being self-employed. Given that the mortgage will be less, payments will be less and we've never missed a payment or had any cc defaults in the last few years you'd think they'd accept wouldn't you??

ACG

With no accounts unless your income is high enough i cant see them porting it.

In saying that NRAM pulled out of the market before i became a broker so i have no idea on their criteria.

kingstreet

If you were with another lender, I'd say your chances of a new mortgage were non-existent, unless you could carry it on your income alone.

However, as NRAM is tasked with reducing the old NR book and getting as much money back for the taxpayer as it can, it will consider lending in such circumstances, as long as the amount is being reduced and the loan to value is the same, or less.

kellydobson

My income alone (taken account over the last 3yrs) isn't enough as one of those years I was on maternity leave.
LTV is within the requirements and less than the LTV of our mortgage on this house and like you said they want rid of their lending, I hope they look at it like that.