Issues porting ?

Orchid12

Just wondering if anyone has experienced and issues porting a mortgage to a new property- I.e. being declined on affordability even though borrowing no more and no change to earnings since the mortgage was taken out. 

ACG

What about changes to other circumstances? More children, more debt, higher monthly repayments? 

If everything is equal, put in a complaint to the lender. Probably one of those where the system says no but an underwriter can override it. 

Orchid12

ACG said:

What about changes to other circumstances? More children, more debt, higher monthly repayments? 

If everything is equal, put in a complaint to the lender. Probably one of those where the system says no but an underwriter can override it. 

Thanks for your response! Literally nothing, retired and decent pension and now an additional income from a part time job so overall earning more. A very small 2 year loan. But no other changes. Also own over 60% of the property. 

Is there a chance that an underwriter would be ok with it then if there’s been no negative changes? 

ACG

I have only ever had an issue with porting once. Although this was a case where the customers were buying a £10k cheaper property so actually wanted a smaller mortgage. 

The DIP declined. I called up my account manager, they went and had a word and all was good. 

Sometimes its one of those things where computer says no and just needs someone to see sense. If you have a broker, speak to them. If not, call the lender. If you get no joy, put a complaint together explaining how they and you would be no worse off etc. But it might not be looked at quickly if it is a complaint. 

K_S

@orchid12 I agree with ACG. With like-for-like porting, lenders are often open to exhibiting a lot more discretion(compared to new business or borrowing more) when it comes to criteria and affordability so definitely worth pursuing. 

Orchid12

ACG said:

I have only ever had an issue with porting once. Although this was a case where the customers were buying a £10k cheaper property so actually wanted a smaller mortgage. 

The DIP declined. I called up my account manager, they went and had a word and all was good. 

Sometimes it’s one of those things where computer says no and just needs someone to see sense. If you have a broker, speak to them. If not, call the lender. If you get no joy, put a complaint together explaining how they and you would be no worse off etc. But it might not be looked at quickly if it is a complaint. 

Oh I really hope that’s the case!! Thanks so much.