Redundant, new job, porting mortgage?

Perelandra

Hello,

Looking for a bit of help with regards to understanding how First Direct might look at this situation...

I have been redundant, and out of work since January but hope to be starting a new job very soon.

I currently have a mortgage with First Direct. No payment history problems at all (including redundancy period).

We are looking to buy a house which is in need of total renovation, probably including bathroom and kitchen.

Given that I will be starting a new job, with no history there- is it likely that FD will allow me to port the existing mortgage over to this new property? I am aware that it might be difficult to get a new mortgage, given that it's a new job, so wondering if porting the existing mortgage would be easier.

(In terms of numbers and LTVs, there are no issues there. We would be looking for approximately 40% LTV, and would have enough cash to cover a partial retention period- if that became relevant- whilst starting the renovation work).

Thanks for your help.

glosoli

Porting a rate is just like applying for a brand new mortgage, the only exception being you can avoid all/some of the early repayment charges by taking the rate with you. Therefore you will still have to meet First Directs criteria. However, that being said, with porting applications then exceptions can sometimes be made, particularly if you are not borrowing any new funds and the overall loan to value is not increasing (i.e the bank being in a worse position)

The new job you are starting, have you got a employmemt contract yet, and will there be a probationary period?