Will they move "port" our mortgage??

charlieh11_2

First time post so bear with me.

Hubby and I are joint owners of our home.

Mortgage is with Santander.

We owe 142k on interest only, bought our house 8yrs ago for 220k.

House now very likely to sell around 300k mark. We need (well want really) a bigger house. Have found a fixer upper, mainly cosmetic stuff for 320k which is a good price for area.

Generous relative is giving us as a gift for the difference so we don't need to borrow any more (also covering solicitor fees, estate agents etc).

Problem is since buying this house we've managed to get in 28k of debt and have 1 ccj. We were rubbish with money but around 3years ago saw the light, made contact with creditors, pay everything on time and live within our means.

Spoke to Santander today, they said the ccj isn't really too much of an issue for them, it would be could a "loyal move exception" but ultimately it's down to the underwriters but it's a good thing that the loan to value is great!

Realistically what do you think our chances are of being accepted??

Between us we earn 43k annually with 3 dependants.

Tia

Thrugelmir

charlieh11 wrote: »

Problem is since buying this house we've managed to get in 28k of debt and have 1 ccj. We were rubbish with money but around 3years ago saw the light, made contact with creditors, pay everything on time and live within our means.

Payment plans, DMP?

CCJ settled? How much for?

Plans for repaying mortgage. Interest only will no longer be an option.

dimbo61

do you still have £28K of debt
Relative giving you money to pay stamp duty? solicitors costs? Estate agents? and money to DO UP HOUSE ?
Your age is also important 67/68 retirement age !

kingstreet

Even if you repay the unsecured debt, Santander assumes you'll re-draw it, so paying it off wouldn't help.

TBH no-one is going to be able to tell you what your existing lender is going to do. If this was a new borrower to Santander, they would probably decline it at DIP.

Why don't you go through the DIP process and see what happens?

BTW you don't port a mortgage. The mortgage is repaid on sale. You port the rate from an old mortgage to an new one with the same lender if they will lend to you again. This is useful if you wish to avoid early repayment penalties, or have a rate you'd like to keep.

charlieh11_2

Thanks for replies.Ccj is for 1400
Ages of both 35yrs
Yes relative paying for difference in house price, estate/solicitor fees and stamp duty. Not paying to do up house, that's something we would have to live with for now but thought having a bigger house, higher value house without adding to our mortgage or taking out loan to fund it would be a great.
Maybe we need to think it through more. Maybe take the money to pay of our debts and look to move in 2-3yrs when our credit status recovers?