Accord Mortgages have knocked back my portability request.

BIFFA1965

Allo Folks

First and foremost this is my first post on here despite the fact I am an avid reader of this forum. So please forgive if its abit long winded.

Here is my problem and its causing me a wee bit of upset, your help and advice would be much appreciated. I am in a uniformed profession and retire in March 2017 at the age of 52. At this time I will retire with a lump sum of approximately £138,000 and an annual pension of £18,600. My current salary is £37,500

My current mortgage is with Accord on a fixed rate (3.55) that comes up for review in November of this year, current balance of £122,000 and an unblemished payment record in the 9 years I have been with them. As my wife and little one are looking to re locate to the North East from the Merseyside Area, we have started to look at properties up there and have subsequently submitted an offer on a property for £165,000.

Please note to facilitate this we have put our property on the market and it sold on Sunday for the full asking price of £180,000 after two days on the market. However after settling a secured loan on our property we envisage we will have somewhere in the region of £40,000 deposit to put down on the property in the North East.

With regards to the offer made on the property up North I was hoping to initially just transfer my existing mortgage with accord, however upon speaking with the broker at Accord she queried the relocating and stated that the portability could not take place as in March I will not be on my current salary and that a full new application would have to be done including my wife's salary.
Currently the mortgage is in my name only.

My wife's salary is currently £16,500 and she has no outstanding debts but a low credit score. No defaults or CCJs

I however, have one CCJ settled and expires from credit file in March next year 2017. I have credit card debt of £4,000 which was used for home improvements prior to putting it up for sale.

We have yet to start the full new application process with Accord, as just awaiting pension confirmation from the administrators. But the whole thing as got me worried sick, with my circumstances, am I likely to be declined a new mortgage product with Accord or am I worrying needlessly. If the worst gets to the worst, is there any other lenders that will look at my case.

I know ACG and amnblog give great advice on here and after baring my soul I would appreciate any feedback.

Thrugelmir

How do you propose applying for a mortgage without secure employment in the new locality. That's the primary issue. A totally different set of circumstances in terms of porting the terms of your existing mortgage from the lenders perspective as well.

BIFFA1965

I suppose the intention was always to secure the transfer on the strength of my current employment and salary that ends in March next year. It is always my intention to continue working when we move to the North East (I will only be 52) Accord appear to not be prepared to do that, they have stated however that an application can proceed on the strength of my projected pension income and my wife's current salary (she can simply transfer in her job regionally ) Its the circs and the credit issues that are causing me concern and upset.

Thrugelmir

BIFFA1965 wrote: »

I suppose the intention was always to secure the transfer on the strength of my current employment and salary that ends in March next year.

You won't have that job once you move though. So a non starter.

BIFFA1965

I appreciate your reply regarding the future job not being place before the move to the North East. Can anyone advise whether there are any lenders out there that would consider our case on my wife and my pension income with my credit issues ?

amnblog

Thanks for the acknowledgment Biffa.

If Accord won't do this there should be other options.

The suggestion from your post is that your wife's job is unaffected by the move (possibly a transfer from her employer?)

Affordability does seem a little tight so worst case you may have to increase deposit or lower your price range.

If Accord let you down, consult a broker.