Moving house mortgage hell

Bondy85

I appreciate what you're all saying and clearly it is my naivety at play here but that was how I understood the matter and what stands is the fact that I can afford and have shown I can afford the current level of mortgage that is why it seemed strange to me that they wouldn't match that as if I were to just continue as I was it would be no different. I appear to be making people angry and that is not my intention but see it from my point of view as someone very very new to this market if something is described as "portable" and I am told I can take it with me to a new premises you can see why I wouldn't realise it would restart the whole process

ReadingTim

This is what the Nationwide says about porting your mortgage:

"If you'd like to port your mortgage, we'll need to check your eligibility and affordability, and the property's suitability, in the same way as if you were applying for a new mortgage"

Whilst I've added the bold, it's hardly misleading is it?

Bondy85

No obviously not but as I said that was NOT how it was explained, I completely agree this is where I should have extensively searched myself but when you're new to something and are given an explanation by an "official" maybe you all wouldn't but I took what they were saying as red.!

Bondy85

Many thanks for the constructive advice xylophone it's much appreciated

hazyjo

Bondy85 wrote: »

I appear to be making people angry and that is not my intention

Who's been angry?! I've just read back and all I see is good and actually quite polite advice!

Bondy85

Obviously we have different ideas of politeness and what would be considered condescending

mrginge

The relevant questions seem to be - How much is on the credit card, what salaries, how much mortgage are you after?

kingstreet

To be fair, Nationwide has "form" for allowing its staff to suggest your existing mortgage is transferred to the new property and a new mortgage is arranged for any increased borrowing.

It's frustrating to have to keep on correcting that misconception.

One such example;-

https://forums.moneysavingexpert.com/discussion/5226252

AdrianC

Bondy85 wrote: »

Misled by the bank themselves, during consultation I asked about the porting functionality and as that person explained it to me they suggested that the mortgage current equity ratio and original mortgage as a whole would just "move across" to the new property when clearly this isn't the case and it'll essentially be a new application.

Did you get any of that in writing?
Could it be that you misunderstood or are mis-remembering?

It doesn't make sense for the "current equity ratio" to move to a different property, because that's simply the value of the property compared to the amount borrowed. It would make more sense for them to have said that they would be prepared to lend you a similar loan to value on the new property, subject to all the usual caveats and other factors. You can see how, a year and a bit later, that could have morphed to your current understanding.

Of course, even then, changes in the mortgage market itself and in the regulatory environment would mean that what they may have been prepared to lend then would not be lendable now. The fact that you've taken on additional debt makes a big difference - if nothing else, it could suggest that you're struggling with the current payments. Add in the increased job insecurity of new employment, and you can see why the amount you can borrow is not as much as it was.