NatWest Porting Mortgage

 

If you want to buy a new home with the same current mortgage benefits, terms and conditions at that time, you can port your mortgage to a new property. In NatWest Porting Mortgage, you are able to adjust the terms of mortgages. Means you can increase or decrease loan terms, either existing or new funds.

How Does Porting a Mortgage Work at NatWest

First, confirm whether your mortgage is portable or not and if it is, then get your various mortgage options from a Broker or directly from NatWest. Some Products, like Green and shared equity products, are not portable. The process of an application is very simple in NatWest Porting Mortgage. Primarily checking the credit history, valuation of the mortgage and underwriting for additional loan. Collect the related documents needed.


NatWest Porting Mortgage Advice and Payments:

-The deal should close for the current mortgage property, but it should not be sold.

-Additional loans on a new mortgage deal will depend on updated LTV.

-At a time, two property deals are possible.

-In Natwest, Porting Mortgage to a like-for-like or less loan doesn't need any affordability check. If LTV is increased, then the lender and client can make a manual decision.

-The Payment method is divided into Capital & Interest, and the other is on Interest Only.

-Unredeemed mortgage property is only allowed for porting.

-Own property can't be ported; only purchasing property can be applicable for porting.

-If the borrower is changed, then written consent is required.

-If you borrow a large amount for an additional loan, then your NatWest mortgage rate will be divided into two parts. And if you borrow a low amount for an additional loan, then it will be put in the SVR.

-If you have to pay any ERC, then this penalty will be reduced from your overpayment allowance.

-Free Property Valuation

-If you are on SVR still, you can port your mortgage for a new deal.

-There is no restriction on a small amount for porting a mortgage.

-In case of the end of a fixed-rate mortgage deal, you decide to port, you can. For that, you have to apply within 4 months of the end of the deal.

-In your non-simultaneous port, you have to apply before you sell. At that, you have to pay ERC. But if you complete the purchasing procedure within a 4-month window, then ERC will refund.




Important factors could affect your NatWest Mortgage Porting Application.


  1. Fluctuating Income:

If your income changes after having a mortgage property at that time, lenders can decline your application, so to overcome this problem, you have to talk to your advisor or Broker.


  1. Deposit: 

Your LTV fluctuates, which depends on the value of your new property and your deposit.


  1. Property Price:

Your new property value with Natwest will impact your mortgage.


Criteria for NatWest Mortgage Porting:

  1. The required age for mortgage porting is 18 at the time of application.

  2. Full details of the property you own.

  3. Annual Income at least £75,000.

  4. If you are going for a joint application, then your combined annual income should be £100,000.

  5. The maximum income you can borrow is 75% of the property value, and the minimum loan is £25,000.


Advantages and Disadvantages of NatWest Porting Mortgage


Advantages:

  1. Save a higher mortgage rate by keeping the same mortgage for the new property.

  2. You can keep your existing mortgage rate at the time you port your mortgage while avoiding ERC.

  3. You can borrow more if the selected property is bigger than the current one.


Disadvantages:

  1. At the time of porting, lenders provide a limited range of products.

  2. May have low suitability of products.

  3. The process of remortgaging is more complex for multiple sub-accounts.

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