Does anybody know why are lenders refusing to allow you porting your mortgage?

Sparklestar1127

There are brokers on here but they are not allowed to approach you so you must message them first for help to your questions. 

MWT

kaushikThakrar said:

How would I find broker? I am bit scared going through Internet to find a broker as I don't know who are genuine and who are not.

Take a look a the posts in this thread from Deleted_User for example, at the bottom of each post it declares that they are an advisor, but you must approach the advisors by sending a message, they cannot approach you...

ACG

I have not read all of the replies, but a port can be declined for any number of reasons. The only people who can give you the specific reason are the staff at Coventry b/s. 

If the new mortgage balance will be the same or lower than your current mortgage and the LTV is no higher, I would put an appeal in as there is no greater risk to the lender. 

getmore4less

Why would you want to port if there is no ERC, there are better rates available.

Could just be Coventry lending criteria don't match your choice of income via dividends.

You need someone with experience to match you up with a lender you are not a straightforward case.
Ltd company income.
B2L mortgage
Holiday home mortgage.

MWT

kaushikThakrar said:

...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%. ...

...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.

Just a guess, but these two changes probably explain why the port has been denied.

Your complexity has changed significantly since you originally got the mortgage.

You just need an advisors who can help find a lender who is able to handle your level of complexity.

You are certainly not trapped with your current lender as you say there is no ERC to worry about...

kaushikThakrar

The only reason why we wanted to port was because we thought we could and thought it would have been easier since they have all our history. Also because my mortgage they say was portable. Now they say there's a small print which makes it non portable. 

MWT

kaushikThakrar said:

The only reason why we wanted to port was because we thought we could and thought it would have been easier since they have all our history. Also because my mortgage they say was portable. Now they say there's a small print which makes it non portable. 

You can ask them to specify what the 'small print' is, but it is likely to just be something like this:

"The applicants and the property must meet our current lending policy and we’ll do a full credit assessment."

You do have a portable mortgage, it is just that you've got more 'complex' since you took it out and you probably fall outside their criteria now...

Do also check that there really is no ERC if you don't port, but move to a new lender...

kaushikThakrar

I definitely don't have ERC as they have never come to us for renewal after 2 years to offer us a better rate. When we discussed this when applying for the new place only then they wanted to give us a bew deal for 2 years which was 1% less than our current rate.