Mortgage Porting

oliel

Hi posted yesterday but not had a response so thought id post again as up against it with deadlines.

Current property - under offer £275000
Current mortgage - £159000 (Natwest 3 years remaining on fixed rate 4.09%) porting this to new property.
New property - £215000
Credit card £12000 - to be repaid fully on completion
HP Car - £7500 - to be repaid full on completion
Overdraft £1500 - to be repaid on completion

Trying to port mortgage over to new property have applied with Natwest last Monday via a broker. Have gone over the overdraft slightly the last couple of months - (poor management busy- and nearest First direct who we bank with 17 miles away so sometimes we have trouble getting to bank due to work commitment's).

As we are in Scotland once the missive are concluded on our sale (which is pretty close) we are legally bound. As the property has been on the market its a relief to finally have an offer on it but we are worried that if Natwest refuse to port. We will have to move out and rent as staying is not an option for us.

I guess what I'm asking is there anyone who will lend to us if Natwest dont and are we more likely to be refused due to the application with Natwest? We are kicking ourselves slightly as technically we could have applied to port about £25k less than £159 but we felt we wanted to move first then make a large overpayment to make sure we had our numbers right.
Also to add to the pain of all of this we will have to pay a redemption penalty of about £6000 if we leave nat west. Ideally we dont want to rent. At the moment we are feeling very stressed about this as we have never been in this situation before and need to know what other options there may be. I should paint out we are on electoral roll, ive checked our credit ratings which are 999 excellent and we have never paid anything late. Thanks for any constructive help - most appreciated.

kingstreet

oliel wrote: »

I guess what I'm asking is there anyone who will lend to us if Natwest dont

Probably

are we more likely to be refused due to the application with Natwest?

No.

our credit ratings which are 999 excellent and we have never paid anything late

If you are paying good money for these, stop.

They are worthless. Indicative at best.

oliel

Thanks Kingstreet, My problem is that we have been given an entry date of 2nd week of April so if Natwest refuse I dont know if I will be able to arrange another loan in time? I just read your previous post about FSA new rules on this - says they were supposed to come in to play immediately!

Thrugelmir

Have gone over the overdraft slightly the last couple of months - (poor management busy- and nearest First direct who we bank with 17 miles away so sometimes we have trouble getting to bank due to work commitment's).

Inability to stay within an agreed overdraft facility has nothing to do with physically getting to a bank branch. The underwriter may well ask to see bank statements to determine the cause of the poor management.

PS. You can always bump your own thread by making another post so that it becomes more visible. Duplicate threads cause confusion.

oliel

Thanks have no idea how you go about bumping a thread? The bank requested bank statements as a matter of course according to my broker. If i get turned down my only option is either to reapply to someone else but Im worried ill get turned down again or rent for a while then reapply - both costing me about £6k in redemption penalties. I guess why I'm asking if another lender will lend to me is that my house sale is quite likely to go through this week or next then I only have 4 weeks to get a mortgage in place to buy this other property - with 2 kids i am feeling vunerable, so if I know that someone will probably lend to me that would be useful in my decision making over the next week as these are really big decisions and we have never rented and there are few properties for rent in the area. Thanks for any advice again.

kingstreet

oliel wrote: »

Thanks Kingstreet, My problem is that we have been given an entry date of 2nd week of April so if Natwest refuse I dont know if I will be able to arrange another loan in time? I just read your previous post about FSA new rules on this - says they were supposed to come in to play immediately!

No. MMR implementation is 26 April, but some lenders are starting to change their systems in the next few weeks.

All you can do is wait for NatWest, then rely on your broker. TBH there's no point flapping about it. Deal with each issue as it arises quickly and efficiently and ensure your broker does the same.

Thrugelmir

oliel wrote: »

Thanks have no idea how you go about bumping a thread?

Post on your own thread. Then it will reappear closer to the top of the list of threads.

oliel

Thanks kings street I know your right the agony of waiting and having no control over things is quite frankly agonising! Especially with the scottish homebuying system!