Ported mortgage coming to an end

TWCHURM

Hello,
back in 2017 we had to port our mortgage to buy a more expensive property. This meant that we had two mortgages, both with different fixed rate deals finishing at different times.
one of those deals finishes soon (12 months before the other is due to expire) and I was wondering how the bank determine what new rate you are able to get.
if I take the property price less the balances outstanding on the two mortgage products, we have a LTV of 79%. Does this mean the bank will be able to offer us a rate more suitable to a 79% LTV? And if not why would it be the case?
any help would be appreciated! 

amnblog

LTV is based on total borrowings.

TWCHURM

So regardless of the fact the other product finishes later, they will take the loan balances of the two at the point in time one of my deals ends to assess my LTV? 

kaushikThakrar

Why is Coventry Building society refusing us to port our mortgage. When I call them they say it is potable mortgage with a small print?
My wife and I have a mortgage with Coventry Building Society. We have been with them for a while and now we are thinking of moving and want to port our existing mortgage to a new place. It works out the amount we want to borrow is only 20% of the value (outstanding mortgage = 118K) of the property and we are paying 80% of the value of the house. I am now self employed for past 2-3 years and am a Director of a limited company owning 80% of the business and my wife owns the remaining 20%. Our company provides IT services and the turnover our the past years have been 2018 - £85K, 2019- £72K and this year £98K. We work on cash basis and take minimum salary and take enough dividends ensuring our cash balance is constant of £50K in the business at any given time. We also have other sources of income (£42K per year) as rental income on outstanding buy to let mortgages of £40K. I do also have another mortgage of £100K for our sea side home.
The only issue I can see is I am 63 years old and my wife is slightly younger. But we have our personal pensions worth £250K each and have paid full NI contribution which will give me around 10K a year and similar y for my wife.
Can the lender refuse us to port your mortgage making us a prisoner?

MovingForwards

kaushikThakrar said:

Why is Coventry Building society refusing us to port our mortgage. When I call them they say it is potable mortgage with a small print?
My wife and I have a mortgage with Coventry Building Society. We have been with them for a while and now we are thinking of moving and want to port our existing mortgage to a new place. It works out the amount we want to borrow is only 20% of the value (outstanding mortgage = 118K) of the property and we are paying 80% of the value of the house. I am now self employed for past 2-3 years and am a Director of a limited company owning 80% of the business and my wife owns the remaining 20%. Our company provides IT services and the turnover our the past years have been 2018 - £85K, 2019- £72K and this year £98K. We work on cash basis and take minimum salary and take enough dividends ensuring our cash balance is constant of £50K in the business at any given time. We also have other sources of income (£42K per year) as rental income on outstanding buy to let mortgages of £40K. I do also have another mortgage of £100K for our sea side home.
The only issue I can see is I am 63 years old and my wife is slightly younger. But we have our personal pensions worth £250K each and have paid full NI contribution which will give me around 10K a year and similar y for my wife.
Can the lender refuse us to port your mortgage making us a prisoner?

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