Porting Nationwide mortgage

peppapig14

When porting our fixed rate mortgage with Nationwide , we would want to keep the mortgage amount the same ( not borrow more or less) - do they complete a full mortgage check ( ie payslips etc )

peppapig14

Also forgot to add when would they do the checks ( when offer accepted on property and request submitted  or just before exchange and competition)

darkcloudi

I don’t recall they do a full check when porting / changing mortgage product. As I changed a product 2 years ago and was simple as choosing product and specify start date. (Was easy application when done online)

if you borrowing may then they would do a survey and request payslips, etc

Edi81

It will be at the start they will credit check and underwrite. 

Porting is subject to underwriting however if not changing anything you have a stronger chance of being accepted even if circumstances have changed. 

Have circumstances changed?

K_S

peppapig14 said:

When porting our fixed rate mortgage with Nationwide , we would want to keep the mortgage amount the same ( not borrow more or less) - do they complete a full mortgage check ( ie payslips etc )

@peppapig14 When it's porting+borrowing more, it's like a new mortgage application and all the usual checks.

When you're doing a like for like porting with no additional borrowing, Nationwide is able to exercise a lot of discretion on credit-scoring, criteria and affordability to make things fit.

peppapig14

Edi81 said:

It will be at the start they will credit check and underwrite. 

Porting is subject to underwriting however if not changing anything you have a stronger chance of being accepted even if circumstances have changed. 

Have circumstances changed?

We would need to borrow the same amount.
Income gone slightly down, and I'm being made redundant in December- although I'm starting a new job in January
Hence unsure to port now or would we need to wait until March ( when I have 3 full months payslips from new job )

K_S

peppapig14 said:

Edi81 said:

It will be at the start they will credit check and underwrite. 

Porting is subject to underwriting however if not changing anything you have a stronger chance of being accepted even if circumstances have changed. 

Have circumstances changed?

We would need to borrow the same amount.
Income gone slightly down, and I'm being made redundant in December- although I'm starting a new job in January
Hence unsure to port now or would we need to wait until March ( when I have 3 full months payslips from new job )

@peppapig14 Nationwide will work off a future contract starting reasonably soon, so there's no need to wait if you have a job lined up for Jan. In any case, as you aren't borrowing anything extra, they are quite good at waiving usual affordability requirements, criteria, etc.

dosh1

I can't answer for Nationwide but I am in the process of porting my mortgage and I had to provide payslips, banks statements etc.  

mi-key

K_S said:

peppapig14 said:

When porting our fixed rate mortgage with Nationwide , we would want to keep the mortgage amount the same ( not borrow more or less) - do they complete a full mortgage check ( ie payslips etc )

@peppapig14 When it's porting+borrowing more, it's like a new mortgage application and all the usual checks.

When you're doing a like for like porting with no additional borrowing, Nationwide is able to exercise a lot of discretion on credit-scoring, criteria and affordability to make things fit.

Do you know if this would be the same for Virgin money? Would be porting to a lower value property and either keeping the mortgage amount the same ( would still be a decent LTV, 66% at the most ) or reducing it by 25 - 50% ? 

peppapig14

Update as I sm now registered self employed with an estimated income quite low
Would this impact porting -

Edi81

peppapig14 said:

Update as I sm now registered self employed with an estimated income quite low
Would this impact porting -

As per previous replies. Yes. 

If you are not changing the amount being borrowed they could use discretion.