We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Porting a mortgage question
Options
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 left 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.
0
Comments
-
duplicate post!!!
I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇0 -
Yes, someone told me to put it onto the mortgage group instead0
-
Yes you need to reapply. 'Porting' means you can continue the current mortgage product on the mortgage on the new property if that suits your needs.
You do not port the mortgage, you apply for a new mortgage on the new property, paying off your old mortgage as you take your new mortgage.
A credit card balance and using overdrafts within their limits does not preclude you from being accepted for a new mortgage/I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thank you so much0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards