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AIBU?

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To think porting a mortgage should mean just that?

28 replies

Howhardcanitbereally · 12/05/2018 18:26

I'm hoping for some advice here! We have found our dream home and so ready to move from tiny 1 bed into a bigger home with our 2 year old twins. We are moving to a cheaper area so property we are buying is the same price as ours. All straight forward we thought.... We will just port the mortgage. But after some basic research I'm now panicking this won't be possible. We moved here 6 years ago, never missed a payment but when we got the mortgage we were both working. I'm not working because I had twins and they were born at 23 weeks and both have medical issues so I can't return to work. If we re apply we couldn't borrow the same amount we've had for 6 years and already have and have paid comfortably because his salary alone is not enough. It's madness. Please someone reassure me we can get round This? We are with Chelsea. Or are we just stuck here. Calling mortgage company tomorrow but just wondered if anyone has been through the same? We are desperate to move as we are 3rd floor flat and both my twins have cerebral palsy so need a ground floor, it would make life so much easier. Thanks in advance!

OP posts:
greendale17 · 12/05/2018 19:57

There is a term for those in these situations- mortgage prisoners. Look it up- has been featured in the press recently

iveburntthetoast · 12/05/2018 20:03

The only other possible option is to rent out your current place (with permission from the mortgage company) and use that income to cover rent on a bigger property. Far from ideal, of course, and brings its own dangers of bad tenants.

smerlin · 12/05/2018 20:15

You are porting the rate/product , which you secured with your old deposit/LTV ratio etc. It doesn't mean you get to swerve valuation, affordability checks and all the other things that happen when you take out a mortgage

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