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Porting mortgage problems
HaggaAgga1971
Posts: 8 Forumite
Hi, we are currently selling our house and buying a house worth £20,000 less. We want to keep the £20k to do the new house up. We have a small mortgage of £34k with Barclays and have been told we can port this and keep the same rate, but I have been looking into it and it looks like we have to do a completely new mortgage application? We have been in our current house for 22 years, and we are worried that we may fail the application due to a £7000 credit card balance and use of our overdrafts every month. Am I worrying unnecessarily? We don't want to increase the mortgage, just transfer it, and surely they can see we are affording it every month now? We have never missed a payment, or got in arrears with anything and have a good credit score, it's just the credit card balance and overdrafts I am worrying about. Would like to hear other people's experience of this. Sorry for the long post.
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What will the LTV be on the new house?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Please can you help with how I work this out? Sorry I am being thick. We are selling our house for £290,000, buying the new house for £262,500. We want to keep the difference for the estate agent and solicitors fee (approx £8k) and then keep the rest for doing up the house. Our current mortgage outstanding is £34,000, and we have 6 years left. All we want to do is transfer this which we throught would be easy, but now we are worried we might get turned down due to debts, I think I am worrying unnecessarily.0
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Sorry I think I have worked it out as 13%0
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Yes, it's a new mortgage application - the fact you happen to be porting your current product doesn't make a difference to the rest of the process, so it's still subject to the bank being happy with your affordability and with the property.
You might be better asking on the Mortgages board as that's where the brokers tend to hang out. Though I'm not sure there's much point worrying about it. Worst case scenario is presumably having to borrow from somewhere else, and swallowing whatever the ERC is on the £34k.1 -
Thank you so much0
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The crucial thing will be - can you afford the outstanding mortgage plus the amount required for the renos?? LTV is less important than that. Also factor in any longstanding credit card stuff. My mortgage provider would have given us load but we had an extra £50k on credit cards so they got a bit fidgety on that. (sorted eventually)I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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The renovations will be coming out of the house sale and we don't want to borrow more, just portit over as it is. We are affording it now so I don't see why there would be a problem.0
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Looking at this more broadly, carrying on with £7k on a credit card is very expensive borrowing. It would make a lot of sense to pay this off as soon as you can, maybe from the £20k you hope to end up with.
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