Selling advice needed please

I bought my house in April on a mortgage with Santander, I'm locked into  5 year fixed rate with an exit fee of £12k.  I've decided the area isn't what I thought it was and looking to sell and port my mortgage to another property in a different.  I'm not looking to borrow more, I simply want to move to another property in another area at the same or maybe a bit lower price.  I know they say with porting you essentially need to re-apply for your mortgage again, but surely if you sell after six months they won't go through the whole affordability again, last time I had to get a projection and accountant certificate which cost me money.  Santander also said I would need to have the offer accept before I can apply for porting, which leaves me to ask, what if they refuse to port my mortgage after I've had offers accepted? It doesn't make sense!  Please help, need the advice of mortgage broker people or people experience with this predicment. 

Comments

  • [Deleted User]
    [Deleted User] Posts: 0
    First Anniversary Name Dropper First Post
    Newbie
    edited 28 June 2021 at 12:57PM
    Porting is separate to underwriting and is part of the general product selection. The ability to port is purely based on your ability to qualify for a new mortgage with them which is subject to a full underwrite under their current criteria guidelines.    

    If they agree to lend the money they will agree to port.   Its the full agreement to lend that you cant get until you have found a property.  No different to when you bought the property 6 months ago.  You will have had an AIP but still needed to submit the full application
  • Samq1
    Samq1 Posts: 5
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    Forumite
    So basically I have to go through the entire mortgage application again, this is insane. 
  • Samq1
    Samq1 Posts: 5
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    Forumite
    What happens if I get an offer accepted on a house, then I go through the full application and it's declined?  I take the offer for the house falls through and I have to withdraw?  
  • yes you have to go through a full application again.  Same as everyone that wants to port.  

    And again, same as anyone else buying a house with a mortgage you might get declined and either have to withdraw or seek a new lender.    

    A client recently had to factor in nearly £10k of ERC when the lender tweaked affordability and they could no longer borrow enough to purchase a new property.  A new lender still did it but the existing lender will treat the application like any other new application and assess it accordingly. 
  • lonibra
    lonibra Posts: 365
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    Forumite
    Samq1 said:
    What happens if I get an offer accepted on a house, then I go through the full application and it's declined?  I take the offer for the house falls through and I have to withdraw?  
    That's just how it works unfortunately. On the plus side, if you passed self employed underwriting 6 months ago during peak-covid, it should be the same or easier now.
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