Help me please

Xox77

Please can anybody help me. 

Ive been on an interest only mortgage for the past 9 years at the time i was thinking off moving but my bank advised not to fix it. I rang and asked them if i could port my mortgage across to my new address and they said yes but with no additional borrowing and to ring up with my new address also i received an email with the information on to give to the estate agent. I have sold my property, paid for searches and other fees knowing there would be no problem with porting my mortgage. My new property is a lot more money which i have, more than my mortgage now my bank is saying there is a problem
 What can i do i have a bad credit and work part time as i am a single mum and no mortgage broker will help so its all on my porting the exsisting mortgage. My buyer is ready as wwll to move in. 

kingstreet

To paraphrase, you were told no increase in your borrowing, but you now need an increase in your borrowing?

Xox77

No additional borrowing required just  want exsisted ported over

Emmia

Xox77 said:

No additional borrowing required just  want exsisted ported over

Does your mortgage allow porting?

Does the bank consider the new property worth lending on?

Crucially what is your plan to pay off the capital that you have the interest only mortgage over?

kingstreet

Xox77 said:

No additional borrowing required just  want exsisted ported over

What is the nature of the problem then?

born_again

Have bank completed valuations & survey on property & decide that it is not something that they will mortgage?

MWT

As this is a port, it would involve a fresh affordability check, is that the problem?

...or perhaps the repayment vehicle used originally is no longer accepted for new mortgages?

Rather than guess though, it would be great to get more detail on what the bank have said about the 'problem'...

Hoenir

Xox77 said:

I rang and asked them if i could port my mortgage across to my new address and they said yes but with no additional borrowing and to ring up with my new address 

I doubt the response was as basic as that. Porting involves far more than just switching address. What's the actual problem? 

kingstreet

As an existing borrower the OP may be trying to take advantage of the 2012 transitional arrangements where no affordability checks are required for a port of the same amount.

MWT

kingstreet said:

As an existing borrower the OP may be trying to take advantage of the 2012 transitional arrangements where no affordability checks are required for a port of the same amount.

Would that require a mortgage a little older than would be suggested by '..the past 9 years..' ?

kingstreet

MWT said:

kingstreet said:

As an existing borrower the OP may be trying to take advantage of the 2012 transitional arrangements where no affordability checks are required for a port of the same amount.

Would that require a mortgage a little older than would be suggested by '..the past 9 years..' ?

No. This was a process introduced in 2012 but it remains relevant today to all borrowers. It allows lenders to waive certain checks to those, similar to mortgage prisoners, who would otherwise be unable to move.

"3.7 and onwards

"We have amended the rules. The final rules:

• simplify when an affordability assessment is required for all existing borrowers when they make changes to their existing mortgage – either as a contract variation, or as a new replacement contract;
• only require an affordability check where there is additional borrowing, or a material impact on affordability and
• simplify the transitional arrangements, to make them more flexible and more practical. In particular, we are allowing lenders to make their own assessment about making exceptions to the affordability and interest-only rules"

https://www.fca.org.uk/publication/policy/fsa-ps12-16.pdf