Nationwide Mortgage Porting

Trying_to_be_good

Hello

We're just remortgaging to Nationwide on a 4-yr fixed rate.

Our house is also for sale as I'm splitting up with my OH. The majority of the equity is mine, we have very different philosophies of spend and save, which is one of many reasons for splitting up. We have an agreement on how the sales proceeds will be split.

I'm confident I'm OK for taking on the whole mortgage myself, just over three times my (good) salary with no dependants or expensive habits.

So, I'll be looking to post the mortgage, and buy a new property in my name only.

Can anyone help, please, with

1. do I need to do a transfer of equity first
2. can I have a gap between the sale of this property and purchase of the next, without having to pay the ERC (it's OK if I have to pay it initially, then have it refunded on purchase of the new place)
3. is there anything else I should be thinking of? The LTV is likely to be under 50%.

It's all awkward with the split, I've secured the 2.79% 4-yr fix which will really help with knowing my outgoings for the next 4 years

kingstreet

No. You should be able to port to a sole mortgage in your name from the joint existing mortgage, however Nationwide will request written confirmation from your former partner that he is happy for that to happen as he is giving up the right to port it himself.

No. You can now only port with Nationwide on a simultaneous sale and purchase. No gap is allowed.

Not related to what you've asked about, no.

Trying_to_be_good

kingstreet

Many thanks for your reply, whilst my OH is unreasonable in most respects,he stands no hope of getting a mortgage of this size in his sole name, so will hopefully be happy to sign it off to be able to move on with his life. Or I have to start making his work life difficult which would be very easy, so I'm rising above that pettiness...

Thanks again

Thrugelmir

Trying_to_be_good wrote: »

he stands no hope of getting a mortgage of this size in his sole name, so will hopefully be happy to sign it off to be able to move on with his life.

For clarity porting relates to the terms and conditions attached to the mortgage not the mortgage itself. The mortgage is the legal charge to secure the debt over an asset. The remainder is simply a loan like any other.

Thrugelmir

Trying_to_be_good wrote: »

Or I have to start making his work life difficult which would be very easy, so I'm rising above that pettiness...

Life is too short to get bogged down in World War One warfare. Compromise and move on. Otherwise there'll be no winners.

Trying_to_be_good

Thrugelmir wrote: »

Life is too short to get bogged down in World War One warfare. Compromise and move on. Otherwise there'll be no winners.

Thanks, Thrugelmir, I agree. I have compromised massively, but will not jut give away any more than I need to.

Trying_to_be_good

Hopefully happy news, I now have an offer on my current home, and have had an offer accepted on a new home (a flat, but 13/14 years old not totally new build).

I also have a mortgage offer to take on the whole mortgage in my name, and therefore transfer equity for the house to be in my sole name. The offer came through three days before the acceptable offer on the house, so is now on hold in the hope that the sale/purchase goes through in a timely way (purchasers are keen to move quickly). My solicitor, who was going to do the transfer, is on Nationwide's list and is a good local firm,

I've looked on their website , but can't find any info about the charges of porting the mortgage. I assume it's a normal valuation (which I'll probably top up to the Homebuyer report) at £670 per http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/mortgage-fees-charges/moving-home#xtab:twistyitem5-valuation-fee.

Are there any other fees, please? Any other questions I should be asking? And how much can I do without going into a branch?


Many thanks

kingstreet

Don't know about what you can do with/without a branch as we have our own process for a ported case.

Fees - valuation fee, plus supplement for homebuyers if you have the lender's surveyor do both.

No booking or arrangements fees on the ported rate. If you are borrowing more then it will be dependent on the product you choose for the increased borrowing.

Fee scale for valuation/homebuyer's reports;-

http://www.nationwide-intermediary.co.uk/lendingcriteria/products_and_fees/property_valuation

Trying_to_be_good

Thanks, kingstreet - fingers and toes are all crossed in the hope this goes smoothly. I'm not looking to borrow any more money, maybe even chip a bit off. Playing with a spreadsheet at the moment.

I already have a branch adviser from the transfer of equity work last month/earlier this month so will see what we can do between us and update here in case it helps anyone else.

Pete9501

We have ported our Nationwide Mortgage twice now. First time over the phone was hard work as you never speak to the same person, everything has to go by post including all the supporting documents which took time.

Last month we did it in branch, oh so much easier and in the end ditched the port and took a new 5 year fixed rate. Other than the valuation fee and any product fees for the particular mortgage that was it. Did all the work in the Branch on a Tuesday, a few texts received say how it was progressing and full mortgage offer 7 days later by post.

Would have liked the 4 flex offer but don't bank with the Nationwide and am not about to change banks whilst we are moving house, just too much to go wrong.

Pete

Trying_to_be_good

Thanks, Pete - I'm on the last (slightly higher rate) 4-year flex offer, but the redemption charges on that don't outweigh the lower rate, so hopefully I'm keeping it as simple as possible. I've banked with Nationwide for over 10 years, I think they're worth changing to.