Able to port a mortgage with Amber homeloans if I make it in their interest?

Prosperous1

Hi.
I took out a mortgage with Amber homeloans in 2007 when I had a very successful business. Took out a self certification interest only on a 250k property. 12 months later the recession hit I lost my main contract and ended up bankrupt and driving a taxi. Fast forward to now and after some very hard years I finally am seeing the light at the end of the tunnel. I now have a profitable business, no where near the scaleof the one I had before where I had 52 staff but it makes a l8ving. We plan to relocate to Wales and start the next chapter in our lives. As I've been BR in the past and had some bad years and also the mortgage market has changed dramatically I was hoping to be able to port my existing mortgage over. I plan to make it an attractive proposition to amber as I currently owe 239k. We are looking at properties marketed at 250 but I will pay them (amber) 25k bank transfer off the balance and revert to repayment and don't want to extend the term. Plus there's the hope we can negotiate on the new purchase price. They are shut over bank holiday so I can't ask them but does anyone know if this sounds do-able and amber are allowing ports. Many thanks

kingstreet

You cannot transfer a mortgage from one property to another.

You may be able to port the rate/terms if the deal allows, but you will have to satisfy the lender's criteria and qualify for the new mortgage first.

I do not think the lender quoted is open for new business these days. You will need to ask.

Prosperous1

Thanks kingstreet.
I know amber aren't open for new lending but from doing a search on here it appeared they would allow you to port the deal over as long as not increasing the amount. In my eyes I'm making it an attractive proposition for them as they are constantly asking me to revert to repayment but I haven't (I have 2 btl that are the vehicle to repay come the time) this way the liability is instantly reduced and I go into repayment reducing the debt each month. If they don't allow then it stays on IO for another 16 or so years or until u can satisfy another mortgage lenders criteria which given my past few years may be some time

Thrugelmir

Amber will set the terms of any mortgage offer and whether they will allow you to port the existing terms and conditions to the new mortgage. There's no negotiation. Lenders have responsibilities to adhere to.

Prosperous1

Thanks thruglemir. I can't find my original mortgage offer but im pretty sure it allowed porting. Does thisthis mean amber should allow it or not as the market and if I'm being fair and honest my position since I took out the original loan have both changed

Caz3121

Prosperous1 wrote: »

im pretty sure it allowed porting. Does thisthis mean amber should allow it or not as the market and if I'm being fair and honest my position since I took out the original loan have both changed

as per post 2 it is not the mortgage that is ported as such, it is the rate and there will likely be wording to confirm that you would be assessed at the current lending criteria.....which as you say has changed in the last 9 years

Prosperous1

Ah thanks caz. I was having a brain freeze moment where I couldn't understand the issue as it would ensure the debt was immediately reduced and being met by term end.. Now i see how it could be problematic should a fresh application have to be made. Appreciate your input

kingstreet

Since 21/03/2016 the EMCD means no new mortgages without affordability/status checks, so even if your lender could have used the FSA 26/10/12 transitional rules to allow you to move before then, it can't now.

Prosperous1

OK back to the drawing board then.. are there still sub prime lenders about. As having been bankrupt and had a bad few years since I am pretty certain I wouldn't fit a mainstream package. I'm guessing I'd have to pay a higher initial rate until it back up there again in the credit stakes but I have a decent deposit. 2 Btl with equity and am not that old (36)...

minimike2

You are best placed calling up Amber and asking the question first to see what they have to say.

Then you can make an informed choice before proceeding any further.