If you are looking to move house and wish to port your existing Nationwide Mortgage then you have come to the right place to assist you with your requirements. We come across many clients wishing to port their existing mortgages especially when some of the Nationwide’s older mortgage accounts have very attractive standard variable rates – usually starting at 2.5%
At present, the porting of the existing mortgage is quite a process as it paper based and not the most efficient although the lender is looking to change this in 2013 and make the process more slick by allowing the broker to submit the new application electronically.
When porting the mortgage your broker should first ensure that you fit on the lenders affordability calculator which can be done after taking a few details regarding income and expenditure and then a good broker should pre populate your mortgage application as it is 20 pages long. You would need to supply the lender with all the supporting documentation such as a latest pay slip, P60, bank statements etc and your broker must ensure that it is clearly stated what mortgage accounts need to be ported over with any additional borrowing having to go on a new deal that is available from the lender at the time of application.
The processing of a paper porting application has the obvious delays of postage and depending on the time of year the lender will most probably be experiencing time delays of up to a week (like all mortgage lenders in fairness at time of writing this article)
In Summary, porting a mortgage is easy to do although a little extra care and attention is needed to the finer detail to make sure that the lender understands completely what it is you are looking to achieve. We would be happy to assist in your new purchase as we have years of experience in dealing with this type of paperwork which should offer you some peace of mind when you need it most.