Porting a mortgage with changed circumstances

Northernsky78

We are currently living overseas on a diplomatic posting and want to sell our house and re-buy in another area. We don’t want to increase our mortgage - it will be like for like. However, my wife now does not have a Uk income and has been working freelance overseas. She has made the same if not more in salary. 

My age 57 means there are not many other options apart from porting. 

Will there be a problem with affordability? Do lenders have discretion in these circumstances? 

We’re with Barclays. 

Many thanks in advance for your help and advice! 

MWT

Porting is just like applying for a new mortgage, you just get to benefit from the terms of the old mortgage.

It is only the terms you are porting not the mortgage itself...

So you need to be able to qualify for the new mortgage first and on the basis of your current circumstances, then if you get over that hurdle you get to port the terms of the old mortgage...

Northernsky78

Thank you. I guess I’m wondering whether overseas salary will be counted in the affordability calculation. Do lenders have discretion for circumstances like military postings? 

MWT

You are going to need a good broker for this one.

Also don't assume that 57 is a problem as mortgages can easily go to 70 or beyond in some cases as long as your income stream is believably able to continue that long...

You wife's income is likely to be an issue, as is the fact that neither of you are currently residing in the UK, but hopefully your income at least, is being paid in GBP and taxed in the UK?

For your wife, a lot depends on how long she has been freelance and how practical it will be to continue that once you return to the UK.

Let's see if any of the brokers on this group have any comments to add, especially in relation to Barclays and the potential to port the current mortgage...