'porting' and borrowing more

ZoeH911

Hey,


I'm in a little bit of a predicament here... so here it goes..


I currently have a mortgage with Nationwide. I have applied for my Mortgage to be 'Ported' from my current address to the house I want to buy,
I have had a DiP done and been accepted - went to go do the application and it has then been declined...


So I am now getting a bit peed now :mad: as I have had my offer excepted and my current property is now sold, waiting for completion date... as solicitors are full steam ahead!


to Add to my pain it took me a week to get information out of NW to see if I can appeal it and now has been sent to underwriters with relevant doc's


I have had both mine and my husbands accounts, credit scores all looked in to and everything seems great... I have lodged a complaint and they have seemed to have ignored it.


Not only have I have to wait for a response I have a Lump of £4500 to get out of the mortgage but surly if you are willing to carry on the mortgage but they have refused then I shouldn't have to pay it?
well that's my theory anyway..


Any Tips on this? even if its to help me de-stress.


Much appreciated

dimbo61

Maybe time to speak to a whole of market mortgage broker to see if he/she can find you another lender

kingstreet

You are applying for a new mortgage. This is subject to all the checks of any new mortgage whether you are already known to the lender or not.

You cannot move a mortgage from one property to another. When you sell, your current mortgage is repaid and a new one starts on the new property. If you qualify for a new mortgage with that lender, you may be able to port the rate from the old mortgage to the new one, taking any increased borrowing on one of the lender's current products.

There is no guarantee you will be able to port your rate. If your lender is unwilling to lend to you, you either remain where you are or find another lender. If an early repayment penalty applies to repaying your current mortgage this will become chargeable.

To port with Nationwide, you have to go the paper application route and in an email to them this morning I described this as getting off the M6 and onto a dirt track.

ZoeH911

Kings Street: Okay, Thank you someone has finally explained it properly to me - maybe you should give a lesson to the so called mortgage advisors at nationwide.


I have had a DiP done in branch and went to start the application, they run through everything again and then brings us to the so-called credit search (which hasn't left a footprint on my report) and that's where it got declined... however the gap between my original DiP and starting the application was 6 days - I know to mortgage advisor it may not be relevant but its pretty damn annoying especially when they come back with the reason being 'credit check' - it couldn't have been any different than 6 days ago...


but with the early repayment fee I would happily pay it if I was changing product within nationwide and got accepted - but that's probably me being stubborn.