Porting Nationwide mortgage

Larsson67

We're porting our mortgage and have a paper app currently at underwriting stage, a bigger ( more expensive) house has just come on the market in the same street.

If we bought the bigger house does anyone know if we'd have to start from scratch with a brand new app or if they would just revise the offer subject to a satisfactory valuation?

We'd not be looking to increase the loan amount, the only details that would change is the number of the house and our LTV would be significantly lower, although we realise the lower LTV won't benefit us with regards to the ported rate.

Thrugelmir

If you are buying a bigger more expensive house, how will the LTV be lower and the mortgage amount remain unchanged?

Larsson67

We have savings that we haven't utilised in the current purchase.

Thrugelmir

Speak to the NW asap and advise them of the change of plan.

Though first you'll need to obtain an agreed offer on the new property.

Larsson67

Thank you but we managed to work that out ourselves.

We were looking for info BEFORE we potentially change the plan.

We could simply call Nationwide but sometimes the call centre staff lack the knowledge, so was looking for some guidance from anybody who has been in a similar situation.

Thrugelmir

Well it's not really that complex an issue given the circumstances you've outlined so unsure what you are expecting to hear.

Larsson67

Lol

I was hoping to hear the answer to the question.

Fluffi

Been in a similar situation with Nationwide myself - frustratingly you have to start a new application and cancel the old one, they won't just to a purchase address update and revaluation.

sockpuppet

Yes they will??
Have done it loads of times.
You need to call (as answered already above) once you have an agreed offer
You will need to pay for a valuation on the new property
Case will then be reviewed on affordability and the valuation
No great problem, a little bit if a delay that's all
Never had any problems changing the property, one client changed houses twice!

kingstreet

Yep. Completion of material change form and call to fees line to get new fees paid and that's about it.

Larsson67

Thanks for the replies.

We've been informed as we're porting with a paper app it means starting from scratch.

There's seemingly nuances to the paper app process that are not fully understood by all the call centre staff as we were originally misinformed on a couple of things.