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Any hope of porting mortgage?
Floxxie
Posts: 2,853 Forumite
Hi,
I currently have a joint mortgage with Woolwich. As part of the divorce settlement, the house has been transferred into my sole name. There is a £25k mortgage outstanding and I have been paying this for the last four years. The house is now on the market and I have moved to Northern Ireland. I shall be buying a property here.
I do not work but receive £600 child maintenance (and child tax credits). The mortgage can be ported. However is it likely that Woolwich would allow me to port the mortgage and transfer it to my name only?
If not, are there any other options for borrowing £25k on my 'income'?
TIA
I currently have a joint mortgage with Woolwich. As part of the divorce settlement, the house has been transferred into my sole name. There is a £25k mortgage outstanding and I have been paying this for the last four years. The house is now on the market and I have moved to Northern Ireland. I shall be buying a property here.
I do not work but receive £600 child maintenance (and child tax credits). The mortgage can be ported. However is it likely that Woolwich would allow me to port the mortgage and transfer it to my name only?
If not, are there any other options for borrowing £25k on my 'income'?
TIA
Mortgage start September 2015 £90000 MFiT #06
0
Comments
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Most likely they won't. However prices may well be far lower in NI.0
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The rate can be ported, the mortgage is repaid on sale.
You are unlikely to qualify for a new mortgage, but should speak to your existing lender to see if it will treat you as a "mortgage prisoner" and lend to you again on the basis that you are managing your current level of payment and the new mortgage will not be increased.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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