HSBC Mortgage Porting Advice Please

MrsLStorey

Hello we're after a bit of advice...
We have a current mortgage with HSBC Fixed until May17. We have had a mortgage with them since March 2005. Our outstanding amount is £123k and current LTV is 70%.
We want to move to a new property valued at £230k and using savings our new LTV would be 55%.
We do not want to borrow any more money, have never defaulted and would like to port our mortgage across, in effect no changes except address.
My husband called HSBC yesterday who automatically carried out an affordability assessment and have decided we can't have more than £86k.
He's going to call back today to discuss further and request it be referred to the underwriters but in the meantime has anyone got any advice please? Thanks

TrickyDicky101

Has your income changed since 2005?


The mortgage market has changed following MMR so lenders now have to perform sometimes intrusive affordability calculations. If you do not pass, you won't be allowed to port with HSBC and will have to examine other lenders/options.

mrginge

There is no such thing as porting a mortgage.

You apply for a new mortgage and port the existing rate

Applying for a new mortgage requires affordability assessments. This is the same process as pre-MMR. The difference now is that the tests are much more stringent under MMR

Thrugelmir

MrsLStorey wrote: »

My husband called HSBC yesterday who automatically carried out an affordability assessment and have decided we can't have more than £86k.

What's changed since you originally applied?

Is your current mortgage on an interest only basis?