£750,000 Nationwide ported mortgage and additional borrowing arranged for home movers in just one day

£750,000 Nationwide mortgage arranged for home movers in just one day

Trinity Financial helped a couple secure and restructure their £750,000 repayment mortgage with Nationwide after they decided to move home and wanted to keep their existing mortgage deal while borrowing additional funds.

The client

One applicant was a fashion designer and company director, while the other worked as an employed accounts manager.

They were existing Nationwide mortgage customers and wanted to understand whether it made sense to port their current mortgage product to the new property and take additional borrowing, or move the whole mortgage to another lender.

The challenge

Although the case was relatively straightforward, the limited company director’s income needed to be assessed correctly. We used her salary and dividend income when working through Nationwide’s affordability calculations.

Our broker compared the option of porting the existing Nationwide mortgage with taking a completely new mortgage elsewhere.

Keeping the existing Nationwide deal proved to be the most suitable option.

The mortgage solution

We arranged a £750,000 Nationwide repayment mortgage over a 35-year term.

The mortgage was split into two parts:

Part 1 – ported mortgage

• Fixed rate of approximately 3.75% until 31 January 2028

• Followed by Nationwide’s Standard Mortgage Rate, currently 6.49%

Part 2 – additional borrowing

• Fixed rate of approximately 4.4% for the remainder of the completion month plus 24 full months

• Followed by Nationwide’s Standard Mortgage Rate, currently 6.49%

This structure allowed the clients to retain the benefit of their existing 3.75% fixed rate while borrowing the additional money required to purchase their new home. With most two and five fixes currently starting from around 4.5%, the rate was worth keeping. 

Mortgage offer issued the next day

Our broker fully packaged the application before submitting it to Nationwide, including the documentation required to evidence the limited company director’s salary and dividends.

The application was submitted, and the formal mortgage offer was issued the following day.

Need help porting your mortgage?

Porting a mortgage can be particularly useful if you have an attractive fixed rate that you do not want to lose when moving home.

Trinity Financial’s brokers can compare porting your existing mortgage with taking a new deal from another lender. We regularly arrange mortgages for company directors, self-employed applicants, higher earners and clients requiring larger mortgage loans.

If you are moving home and need a £500,000, £750,000 or £1 million-plus mortgage, contact Trinity Financial to discuss your options.

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage.