Problems porting mortgage 😔

lozb1234

Hi, can anyone help me?

I’d been with my husband for 15 years, married for 8, and up until May last year jointly co - owned our house. We had a separation last year and I moved out, him taking my name off of the mortgage and buying me out of my share.

We have since got back together and looking to move, we have seen our dream house and looking to port the mortgage which we were told should have been a problem. So put an offer in, was accepted all hunky dory.

Then last night husband was reading up on nationwide’s terms for porting a mortgage and we were dismayed to discover we won’t be able to because they will not accept any mortgage being ported for 12 months if the circumstances change (ie putting my name back onto the mortgage? )

We are so worried and haven’t been able to sleep. He’s going to give nationwide a call in the morning to see if he can be referred but it’s likely they’ll say no.

I then suggested we look into online mortgage brokering and husband said he doesn’t want to go for these as they usually will suggest a mortgage not on the high street with a massive interest / high risk?

The other option is to pull out of the sale, rent for a bit and still sell the house in his name and wait for another property to come up and start afresh but this house is literally the only one I’ve seen in a long time where it’s both ideal inside and affordable. There’s no chain at the other end either.

Please can someone give some advice, I’m at my wits end and I don’t know what to do :-(

davidmcn

lozb1234 said:

I then suggested we look into online mortgage brokering and husband said he doesn’t want to go for these as they usually will suggest a mortgage not on the high street with a massive interest / high risk?

What makes him think that? Is there something adverse about your credit history (i.e. are you "high risk" borrowers?). I'm not sure what he means by high risk otherwise, or why he thinks brokers only have access to "massive interest" products.

SMR710

Is the issue here paying early redemption fee? Or taking a really good rate with you?
If you sell the house anyway as you suggest then renting, you may still have to pay early redemption and you'll lose your current mortgage deal.
How long is your mortgage fixed for? Is the possibility of ending your current mortgage upon sale of your house (assuming the funds would pay it off) and taking out a complete new one not a possibility?
I'm not sure why you are stumped on porting, can you elaborate more?

AlexMac

Don't despair till you've exhausted every avenue with Nationwide. And even if the 1st person you contact interprets their rules to the letter (assuming you've read 'em right) be persistent.  We've been with Nationwide and their predecessor BS's  (Greenwich & Portman) for 25-30 years and they've treated us really well and sympathetically; most recently extending our longstanding interest-only loan (which was due to be repaid this year as I hit my mid 70's) into a Lifetime loan.  

Friends who were struggling with their Nationwide mortgage initially got an unsympathetic adviser, but persisted, then got someone more helpful and got flexibility

And if telephoning their mortgage people and messaging them via online banking don't work for yoy- try emailing or ringing the Nationwide Mortgage Advisor who we dealt with over 3-4 months late last year in negotiating our new deal.  She's technically a "Later Life" specialist for their new Lifetime deals, but seems pretty helpful- and worth the price of a call or email?

I'll PM you her detail; good luck!

lozb1234

Wow thanks AlexMac! 🙂