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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

to ask about porting a mortgage to a new Property?

12 replies

IfYouLook · 12/02/2025 20:25

Usual aibu use for traffic etc….

My DP owns his house (sole name) has just taken out a 2 year fixed rate mg (his old deal has expired) with Nat West his existing lender. Unexpectedly we have found a property that we both want to buy together.

He would need and want to port his small mortgage to the new house. I would be paying for my half in cash. The LTV of his mortgage would be v low - 10% of the value of the house so low risk.

His main concern is that Nat West would treat it as fully new application and look into his finances. Nothing bad there but he is self employed through his Ltd co so in normal year fully maxes his expenses so income looks low.

Anyone any experience of porting with Nat West and how much detail they need? Obvs they will need home buyers report and valuation on the property we are buying. And I will need to sign up to the new mortgage too (though in practice I won’t be paying it)

OP posts:
Kickingasssince72 · 12/02/2025 23:00

In my experience it will be treated as a new application, with all the usual checks.

Discotech · 12/02/2025 23:59

Yes, as you will be living in the new property and have an interest in it (part owner) this will be a new application.

Use a mortgage broker, they should be able to sort you out.

emailthis · 13/02/2025 09:33

Definitely they would, he's buying a house with you so I think (don't quote me on that) you need to be on the mortgage too otherwise if he defaulted and the bank needed to sell the house they couldn't because you're a joint owner. So the mortgage contract needs to be with both of you. This doesn't mean you have to be the one who pays for it each month, that can still be him.
Are you mortgageable together?

tropicalroses · 13/02/2025 09:54

emailthis · 13/02/2025 09:33

Definitely they would, he's buying a house with you so I think (don't quote me on that) you need to be on the mortgage too otherwise if he defaulted and the bank needed to sell the house they couldn't because you're a joint owner. So the mortgage contract needs to be with both of you. This doesn't mean you have to be the one who pays for it each month, that can still be him.
Are you mortgageable together?

Whist she doesn't need to pay it each month, she would still be liable for the repayments if he couldn't make them for any reason.

Superscientist · 13/02/2025 10:00

We ported our mortgage but with a different company. From recollection they did a new application and they determined the affordability of the whole borrowing and agreed to move the original mortgage and give a second mortgage to make up the difference.
Both our original and new mortgages were the same LTV.

emailthis · 13/02/2025 10:14

@tropicalroses yes of course, that's why the mortgage company would want them both on there otherwise it would be a nightmare to untangle for the bank if he defaulted.

I assume if she trusts him enough to buy a house with him then she is happy to be responsible for the mortgage payments if he can't pay them for whatever reason

emailthis · 13/02/2025 10:59

BTW op - there's something called a deed of trust for people buying property with a person who isn't a spouse. It's worth you spending a bit of money to get this drawn up for you both so you both understand the percentage of the property you own as obviously the mortgage will be joint.
This means there will be no issues when you sell etc.
If you end up getting married the deed of trust will be void, but it's a very useful document to avoid future conflict.

Ilikewinter · 13/02/2025 11:05

We ported our mortgage, stayed with same provider and it was treated as a new application, but we only had to provide 1 month wage slip rather than 3 months or whatever is the norm now!. So he may find he doesn't need to provide as many accounts etc ??

Discotech · 13/02/2025 11:13

I did a port for my Nationwide client. I didn't have to provide any additional docs. They were without a mortgage for 5 months, as they temporarily rented. Mortgage started again once they moved into the new home. The mortgage was essentially paused, nationwide held the funds and released them to the clients solicitor when they were ready to exchange / complete on the new home.

But, you want to own the home with your partner. This is essentially why there will need to be a new app. As others mentioned previously, you will need to be on the mortgage application, regardless of whether he is planning on paying.

Superscientist · 13/02/2025 13:12

emailthis · 13/02/2025 10:59

BTW op - there's something called a deed of trust for people buying property with a person who isn't a spouse. It's worth you spending a bit of money to get this drawn up for you both so you both understand the percentage of the property you own as obviously the mortgage will be joint.
This means there will be no issues when you sell etc.
If you end up getting married the deed of trust will be void, but it's a very useful document to avoid future conflict.

We had one of these. It wasn't too complicated to set up and was done as part of our conveyancing it was a couple of hundred pounds. There are a few options to dividing assets. Fixed percentages of the sale or return deposits then split the remainder 50:50.

Completelyjo · 13/02/2025 13:15

You port the ‘deal’ not the mortgage agreement so any new mortgage is subject to checks not only on income but also the property itself.

Original poster
IfYouLook · 19/02/2025 16:29

Thanks everyone. Yes looks like Nat West is essentially treating it as a new application to all intents and purposes. But because the LTV is only something like 8% we should satisfy their affordability checks (even though we are self employed and our company accounts were done on the minimum tax basis last few years rather than in anticipation of mortgage applications!)

I knew about the Deed of trust yes which we will 100% get drawn up as I have kids and he doesn’t.

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