Broker advice - porting

lifeofunmumsy

Removed as no longer needed

kingstreet

From Nationwide criteria;-

In most cases where an applicant is porting the sale and purchase transactions will complete simultaneously. However, we understand that if there are delays in the completion of the purchase, then the situation is out of your client’s control. If your client finds they have to unexpectedly redeem their existing mortgage prior to completion of their new mortgage, we will either:

continue to process your client’s application if a mortgage offer has already been produced. The new property purchase must then complete within the offer validity period (6 months) meaning the member maintains their relationship with Nationwide.
OR
If a mortgage offer hasn’t yet been produced but redemption of the existing mortgage has taken place, your client will have up to 180 days from the redemption date to reach completion.

If none of the above is achieved, the porting facility will be lost and a new application must be submitted based on our current product range (this doesn’t guarantee acceptance of any future application).

lifeofunmumsy

Thank you Kingstreet, this is very helpful. I read this as the application will continue but will have up to 180 days to complete on the new sale, but won’t need to start again unless that timescale is breached?

kingstreet

No opinion, sorry.

You need to take it up with the lender directly if that is how your mortgage is being arranged.