Advice needed re porting mortgage

newparents80

Does anyone have any info or advice on porting a nationwide mortgage? We want to move house and port the mortgage with no additional borrowing, however, we have had a change in circumstances since we took out the existing mortgage as my wife is coming to the end of her maternity leave and is thinking of becoming a stay at home mum - would this drop in income stop us from porting the mortgage?

homer_j_3

depends on the remaining income and amount you want to borrow.

What will be your income without wifes
What debts do you have (monthly payment)

How much do you need to borrow?

Who is your lender?]
Have you had any change in credit status?

newparents80

My income is £32,000 a year
No debts (no loans credit cards etc)
Our current mortgage is £180,000 and we dont want to add anymore
Current lender is Nationwide
No change is credit status

MarkyMarkD

I would personally suggest that you have no chance of getting a £180k mortgage from Nationwide based on £32k of income.

I'm also not sure whether you can even afford to pay a £180k mortgage on a £32k income.

But notwithstanding that, I think that your wife will have to go back to work at least until you move house, so that you have sufficient income to get a new mortgage.

newparents80

I don't want a new mortgage though, I just want to move our current one? Which we are affording no problem.
If my wife goes back to work, her last payslips will show maternity pay anyway so how is that worked out?

snarffie

newparents80 wrote: »

I don't want a new mortgage though, I just want to move our current one? Which we are affording no problem.
If my wife goes back to work, her last payslips will show maternity pay anyway so how is that worked out?

Even over 20 years, the repayments would be £1300 per month, based on Nationwide's best rate. That leaves you with about £600 to pay for council tax, gas, electricity, tv, water, food. Is there anything I missed....?

Oh yes.

A BABY! :eek:

(Oooh you little troll, you. You are winding us up, surely)

MarkyMarkD

Porting is a new mortgage, as far as the lending decision is concerned. It's only porting as far as the product terms are concerned, if you can see the difference.

If your wife goes back to work, you can explain why her future income is greater than her current income easily enough. And doubtless the employer would confirm her actual rate of pay.

I return to my point - you won't get a mortgage on that income. So you can't port the mortgage. So your wife will have to go back to work, or you'll have to not move house.

I've already pointed out that, if you believe you can afford the mortgage despite the single income, she can go back to work just until your house purchase has completed and then resign again. That's your choice. But IMHO no lender is going to give you that sort of multiple in today's market, and Nationwide certainly are not.

newparents80

Thanks for info/advice. Wife can get letter from employer saying she is employed full time and rate of pay etc so assuming that will do?

MarkyMarkD

Indeed, I don't see why not.

Dick_here

All that porting means is that you can take out a new mortgage without paying the Early Redemption Charge. That is, if they are willing to lend you the money.

MarkyMarkD

No.

All that porting means is that you can take out a new mortgage and keep the existing mortgage rate and terms without paying the ERC.