Natwest Mortgage Porting
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When it comes to home moving, homeowners worry about losing their fixed term mortgage with a lower interest rate. They are not aware of mortgage porting option, which means that their current mortgage can be taken to a new property they want to purchase. Porting a mortgage with Natwest is easy and less stressful than a newer application and we will explain how it works in this guide.
What is a Mortgage Porting?
Mortgage porting is moving your current mortgage to your new home while keeping the same mortgage terms and conditions throughout the fixed term of your mortgage. Not all mortgages are portable, it can depend on a couple of factors.
How to Port a Natwest Mortgage?
Before you start the process, it is important to check if your current mortgage can be ported or not. The best way to find out about your mortgage porting options are talking to a mortgage broker and letting them assess your financial circumstances. You can also talk to Natwest directly and they can tell you the options you may have.
Mortgage porting can be straight forward, if you are doing a similar mortgage from your current property to a new one. But, an additional loan required for a bigger property may need additional underwriting from Natwest.
After you approach Natwest, the lender will conduct a thorough credit check and assess your income and spending. Your bank will look for any changes in your financial circumstances since you got your existing mortgage.
If Natwest is happy with your income assessment and after satisfactory valuation of new property, bank they will issue a mortgage offer.
Saying that it is not a guarantee that your application will be approved, your bank could decline your porting application for many reasons.
Important factors could affect your Natwest Mortgage Porting Application.
Mortgage porting with Natwest can give you several benefits, but some of the factors you should consider before moving forward with a porting application are….
Change in Income.
Porting your mortgage may get difficult, if your income has changed recently or after having a mortgage on property. As a result, you may not fit the Natwest lending criteria, as a result the lender could decline the application. Always discuss with mortgage advisors as they can work out how the change in your income could impact the porting application.
Deposit.
Your loan-to-value (LTV) may change while porting your mortgage, depending on the value of your new property and your deposit amount. Property price and deposit amount will determine the loan to value. LTV will have an impact on your mortgage rate and on amount you want to borrow.
Property Price.
Your new property value with Natwest will influence the overall arrangement. You may also need to pay a valuation fee to get your property surveyed. A higher property price means you may need to pay more as a deposit or borrow more money from the bank which could be at a higher rate.
AdditionIs there a penalty for porting a NatWest mortgage?al Costs.
Mortgage porting could involve extra costs like legal costs, valuation fees, your mortgage broker charges, stamp duty and the moving costs. Always calculate every charge involved in your home move, avoiding any last-minute surprises.
How Can a Mortgage B0roker Help with Natwest Mortgage Porting ?
Many mortgage borrowers ask how long does a mortgage application take through mortgage broker?
Our mortgage brokers are experts in mortgage porting with many banks, including Natwest. We have the expertise that would help to prepare mortgage porting application.
Any good competent mortgage broker is aware of the lending criteria of different lenders. Mortgage advisors can check the current mortgage offers for any conditions it may have. They will submit the mortgage porting application for you and deal with all the required paperwork with the lender. Mortgage brokers can get the mortgage approved a lot quicker, saving you time and effort.
Mortgage brokers can advise if porting is the best option for you or if you should look at alternate routes . If your lender declines the mortgage porting application, then your mortgage broker will find an alternative lender which could be a lot slower as they don’t know your circumstances.
Our team can help your with mortgage porting application, so get in touch to see how we can help you without charging broker fees.
Should I Go Directly to NatWest for Mortgage Porting?
Going directly to local high street Natwest bank may seem a lot quicker and easier for mortgage porting advice, even calling customer service over the phone thinking to get quicker advice. In both cases you may not know how quickly you can submit the application, and responding to the queries from the lender to get approval will be a slower process than you think. Going directly to the bank is always a longer journey than with a broker.
Going directly to lender the may save on mortgage broker fees. However, if you want to skip long wait times, it is always better to work with an experienced mortgage broker who don’t charge broker fees for mortgage advice.
A skilled mortgage broker will have all the information you need about porting your mortgage with Natwest.
What are the advantages of Natwest Mortgage Porting?
Keeping Your Low Rate.
When you port your current mortgage to a new property, you can keep the same mortgage rate, along with the current terms and interest rate. Porting your mortgage can save you from higher mortgage rates.
No Early Repayment Charges.
If you pay off your mortgage early, then your bank will charge you early repayment charges. But porting your mortgage to a new property lets you keep your existing mortgage rate, while avoiding early repayment charges.
More orrowing
Natwest will allow you to borrow more in your mortgage if you are purchasing a bigger property that is more expensive than the current one without affecting the ongoing arrangement.
Always work with a mortgage advisor for your mortgage porting. You can save on mortgage broker fees if you work with MariannaFS as we offer fee free mortgage advice.
Get in touch with us to get your mortgage porting sorted in no time.
FAQs:
Is there a penalty for porting a NatWest mortgage?
While mortgage porting often helps you avoid Early Repayment Charges (ERCs), it’s not always entirely free of costs or “penalties.”
Some of the main situations where you might still face penalties when porting NatWest mortgage:
Partial mortgage porting: If your new mortgage is smaller than your old one, you might pay an ERC on the difference which is not ported.
For example, the property value is £300,000 with an existing mortgage loan of £200,000.
The new property purchase price is £150,000. Your deposit is £50000 so the remaining £100,000 of the existing mortgage is ported to the new property. This means that the mortgage is reduced to £100,000 which will be refunded to NatWest as it is no longer needed and is subject to an Early Repayment Charge.
Non-Simultaneous Completion: If you sell your old home before buying the new one, you’ll likely pay the ERC upfront. Like most lenders NatWest will refund this if you complete your new mortgage with them within a set timeframe, usually it is 3-6 months from sell of property.
What Are the Costs Involved In NatWest Mortgage Porting?
Home movers may save on early repayment charges while moving home but standard moving costs are still payable like property valuation and conveyancing costs, regardless of porting. On some occasion product fees are payable too.
Who Is Eligible For A NatWest Mortgage Porting?
You’re eligible for a NatWest porting mortgage if:
Your current NatWest mortgage product is portable to new property. This can be check with NatWest or it is on the mortgage offer from NatWest.
You still meet NatWest affordability and lending criteria. This means NatWest will re-check your credit scoring, income, outgoing, and the new property’s value, just like a new mortgage application.
In essence, NatWest mortgage porting should not be a problem if your financial situation does not change since last mortgage application.
How Long Does It Take to Port A NatWest Mortgage to New Property?
NatWest mortgage porting usually takes 4 to 8 weeks. The timeline includes checks on affordability, property valuation, underwriting and then issue a new mortgage offer. This can be longer due to missing documents required for mortgage, additional borrowing, or property issues. Having a mortgage broker on your side can speed up the process.
Always check with a mortgage broker at MariannaFS for a personalized NatWest Mortgage Porting solution.
