We have had our house on the market for months and have accepted an offer and have found a place to buy.
We have a 85% LTV self cert mortgage which we have had for 5 years with no late payments. Mortgage amount £248600. The new property would require a mortgage of £195500 (85% of the purchase price)
After phoning Birmingham Midshires in July when we put the house on the market, we were given the impression we could just transfer our product to the new property paying back the original amount and they release the new amount. That's why we decided to sell.
My broker says it would be treated as a new application and BM would only offer a 75%LTV mortgage. We also wouldn't meet their lending criteria. Yet we have paid the larger amount with no problems for five years.
Surely 'porting' a product is everything we signed for. Rate, term and LTV.
Would our previous good record count for nothing?
We have a 85% LTV self cert mortgage which we have had for 5 years with no late payments. Mortgage amount £248600. The new property would require a mortgage of £195500 (85% of the purchase price)
After phoning Birmingham Midshires in July when we put the house on the market, we were given the impression we could just transfer our product to the new property paying back the original amount and they release the new amount. That's why we decided to sell.
My broker says it would be treated as a new application and BM would only offer a 75%LTV mortgage. We also wouldn't meet their lending criteria. Yet we have paid the larger amount with no problems for five years.
Surely 'porting' a product is everything we signed for. Rate, term and LTV.
Would our previous good record count for nothing?
