House move/mortgage advice please.

[lloydjones]

We would like to move house and have seen a property we like. The house is £265,000 and we have 5% as a deposit (we might be able to raise some more). However, we are disputing unenforceability with some creditors and have some defaults between us. We have never missed a mortgage payment in 11 years, what are the chances we have of getting a new mortgage with defaults and a poor credit file? i checked our Experian reports recently and mine was 'fair' and the wife's 'good'.

[PlanB]

Re: House move/mortgage advice please.

We would like to move house and have seen a property we like. The house is £265,000 and we have 5% as a deposit (we might be able to raise some more). However, we are disputing unenforceability with some creditors and have some defaults between us. We have never missed a mortgage payment in 11 years, what are the chances we have of getting a new mortgage with defaults and a poor credit file?

Since you have already got a mortgage on your current property the lender may consider a mortgage port based on your past good performance over 11 years. Normally defaults would frustrate a mortgage application but working something out with your current lender could overcome that.

Haven't we already had this conversation on another thread of yours? I'll go and check

[lloydjones]

Re: House move/mortgage advice please.

Since you have already got a mortgage on your current property the lender may consider a mortgage port based on your past good performance over 11 years. Normally defaults would frustrate a mortgage application but working something out with your current lender could overcome that.

Haven't we already had this conversation on another thread of yours? I'll go and check

We have had a conversation but not based on this!

My currently lender is Mortgage Express who will not entertain any kind of new business!?

[PlanB]

Re: House move/mortgage advice please.

My currently lender is Mortgage Express who will not entertain any kind of new business!?

If this was previously a GMAC mortgage bought by Mortgage Express it may well have said in your loan's Ts & Cs that you can port the mortgage never mind what ME say now. I have an ex-GMAC with ME which allows for porting. They nearly always did.

Porting a mortgage is not "new business". You would simply be substituting one lot of security for the loan for another.

I remember the thread. You were hoping to pay ME off at a reduced settlement figure if I've got that right.

[lloydjones]

Re: House move/mortgage advice please.

If this was previously a GMAC mortgage bought by Mortgage Express it may well have said in your loan's Ts & Cs that you can port the mortgage never mind what ME say now. I have an ex-GMAC with ME which allows for porting. They nearly always did.

Porting a mortgage is not "new business". You would simply be substituting one lot of security for the loan for another.

I remember the thread. You were hoping to pay ME off at a reduced settlement figure if I've got that right.

Yes, I was hoping to settle at a lower rate with ME. I do not understand 'porting', would you kindly explain please? Thanks

[PlanB]

Re: House move/mortgage advice please.

I do not understand 'porting', would you kindly explain please?

Of course I'll explain how porting works. I'll do that tomorrow as I have to log off now

[lloydjones]

Re: House move/mortgage advice please.

Thank you PlanB!!!

[lloydjones]

Re: House move/mortgage advice please.

ME will port but only to the same value or less! :-(