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Barclays Interest Only Mortgage- has anyone successfully ported to new property
kelz85
Posts: 44 Forumite
Good evening,
I have a Barclays interest only mortgage and would like to move house. The mortgage is portable however the eligibility criteria for interest only mortgages has changed dramatically since I took this mortgage out 13 years ago so I technically don’t meet new customer eligibility. The details are:
£147k loan on £300k house, I’m on SVR and pay £400 per month. I am employed on 30k a year. There are 16 years still to run on current mortgage and I would like to move to a house with the same value (300k) and keep the £147k mortgage loan. I have never missed a payment and have no debt/loans with an excellent credit rating. I will sell property/ downsize at end of term to pay off £147k loan.
Does anyone have any experience of Barclays being willing to allow this change or can any broker advise?
I have a Barclays interest only mortgage and would like to move house. The mortgage is portable however the eligibility criteria for interest only mortgages has changed dramatically since I took this mortgage out 13 years ago so I technically don’t meet new customer eligibility. The details are:
£147k loan on £300k house, I’m on SVR and pay £400 per month. I am employed on 30k a year. There are 16 years still to run on current mortgage and I would like to move to a house with the same value (300k) and keep the £147k mortgage loan. I have never missed a payment and have no debt/loans with an excellent credit rating. I will sell property/ downsize at end of term to pay off £147k loan.
Does anyone have any experience of Barclays being willing to allow this change or can any broker advise?
0
Comments
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Usually only the product terms are portable - rate, fixed period etc.
You would expect to have to satisfy affordability, repayment method criteria each time you apply.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
Barclays along with most other lenders are running for the hills as far as Interest only mortgages are concerned with residential properties
They will want to see a Repayment vehicle and selling up in 16/20/25 years won't work.
You need to be a high earner, high net wealth customer to get IO0
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