Porting a mortgage

[mooneypie]

Has anyone been through this? Our mortgage is a really low rate tracker. We don't want to borrow more. Need to phone the bank and so worried they will turn us down as I now work part time (still affordable though). Do we need to go through all the affordability checks?

Hi I am in the process of moving and porting my mortgage with Yorkshire Building Society. Yes i had to tediously go through the entire application again and affordability check (anything could have changed since taking out the initial mortgage I guess). I had to provide pay slips too.

Beyond the initial calls though its been plain sailing, they even text me the day my survey was carried out to tell me my mortgage had been approved.

We couldn't believe the process for porting. We weren't borrowing any more either but we had at least three two hour phone calls (Nationwide). We were approved but nothing much had changed financially for us.

oh no! It's less than 20% of our income so should be ok shouldn't we? We have a lot of expenses though and I'm recently back from mat leave. So worried!

2 hour phone calls??? what do they ask?!

They wanted to know my plans if interest rates rose, what my retirement plans were etc. Very in depth!

Mortgage companies don't just look at income, they look at expenditure too, so childcare, loans, credit cards the whole thing.

They asked about every aspect of our lives, they even asked if we planned to have more dc. The phone calls took forever but quite a bit of that was just while they typed stuff in and the computer processed it.

We ported our mortgage and used our broker, I had to provide docs (payslips, bank statements etc.) but she does all the leg work and her commission is from the BS. Priceless.

Why would you use a broker to port a mortgage?

I've been wondering about the same thing. We want to move but are tied into our mortgage until late next year. We don't want to borrow anymore so hoping to just port it over. I'm hoping it's fairly straightforward and they'll allow it. I'm calling on Monday to find out. Worrying a bit now.

I had a 1.5 hour phone conversation yesterday. They said I had to start whole process again. I've now got a mortgage in principle (for my existing mortgage!!!) and have to book in for a full affordability check with DH once they have received our paperwork

We ported our mortgage nearly three years ago and it was one of the best decision .The bank would not be forthcoming - our old and new mortgage is with woolwich.
My understanding is that it is not in their best interest so would try and put as many hurdles they can..

I had this last year technically on paper as I had had a bad year in 2015 ( self-employed) I couldn't afford the mortgage, but they have done 'fudge factor' that allows them to say well actually you have afforded it so we will let you carry on.
Just time consuming and lots of paper shuffling to ultimately have exactly the same mortgage though it has a different number on a different property.

Hi

My mortgage is with Leeds and we're porting it to new place (huge ERC!).

First property we tried to buy, i went direct and I spent hours on the phone with adviser and then endless extra bits of paper you have to provide. That purchase fell through after months of pain!

For the house we are buying now I used a broker, 30 min conversation and done. Cost £200 but worth it for me.

You probably already have been through this but I was stung with valuation fee as it's not a new mortgage app which was extortionate @ £795!