Nationwide mortgage advisor or underwriter - can you answer a question please?

Jop05
Jop05 Posts: 4 Newbie
Second Anniversary
in Mortgages & endowments
I have a mortgage with Nationwide with the product not coming to an end until June ‘19. I’ve spoken with a mortgage advisor at Nationwide who confirmed I am able to port the product. What I’d like to know please is in porting the product, do Nationwide credit score in order to approve the porting to a new property?

Comments

  • ACG
    ACG Posts: 24,400 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If you want to port, you will need to apply to do so. You will need to provide bank statements and payslips and pass a credit check. One of the outcomes is that it could be declined. Although if it is a straight forward port with no additional borrowing I would expect them to allow you to move even if you failed the credit check.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    New mortgage requires a full application to be made. Subject to the full range of checks applicable at the time. Porting purely refers to the transfer of your existing mortgage product terms.
  • helejenkins1
    helejenkins1 Posts: 227 Forumite
    I am currently porting with nationwide. Did the full AIP and mortgage application. I’ve taken on an extra £7k borrowing and had to extend my mortgage term by 9 years to do so, making my new mortgage payment less than I pay already. It made no sense to me as we have no debts and our income hasn’t changed but had to just suck it up to secure our dream home.
    Make £10 a day in May- £90/£150
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    helejenkins1 wrote: »
    I am currently porting with nationwide. Did the full AIP and mortgage application. I’ve taken on an extra £7k borrowing and had to extend my mortgage term by 9 years to do so, making my new mortgage payment less than I pay already. It made no sense to me as we have no debts and our income hasn’t changed but had to just suck it up to secure our dream home.

    Nothing to stop you overpaying to reduce the amount of interest you'll be charged and the ultimate length of the mortgage.
  • helejenkins1
    helejenkins1 Posts: 227 Forumite
    Thrugelmir wrote: »
    Nothing to stop you overpaying to reduce the amount of interest you'll be charged and the ultimate length of the mortgage.

    Exactly what I am doing. Just want to show all is notball straight forward as it may seem
    Make £10 a day in May- £90/£150
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