Porting Nationwide mortgage

ConfusedE

Hello,

I'm hoping someone can answer a question for me. We currently have a mortgage of £120000 (with nationwide). Our house is worth £175000.

Since taking out our mortgage we've had two children and my income has reduced. A quick affordability calculator suggests we could only borrow £65000 on our current income. We have no problem paying our mortgage and have never missed a payment.

Does this mean we would likely be refused to port our mortgage, because it's treated as a new application? We would not be looking at borrowing more just moving to a different house of the same value. All I've read so far says we would be refused as we wouldn't meet the affordability criteria now.

Thanks in advance for any advice.

kingstreet

Yes. You would be refused.

You can only port a rate to a new mortgage if you qualify for that new mortgage in the usual way.

Porting does not confer a right or guarantee to a new mortgage if it would not otherwise be affordable.

ConfusedE

Thank you, that confirms what I thought.