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Intelligent Finance - port to new property
Confused_Mel
Posts: 2 Newbie
Dear All,
I hope someone can help with the following:
Have an offset tracker on SVR with I.F. Looking to increase our mortgage as we are moving house. Apparently we cannot do this simpy by accessing our pre-agreed reserve (& built-up reserve) as we are on their SVR, so have to apply for a new product with an arrangement fee. :mad:
The next issue is, we have been told the money has to be put into our current account before we can "port" it over to the new property. So we will have to start paying for the new mortgage before we have even exchanged contracts!! Can this be correct???
This also worries us as it will take us way over the FSCS compensation limit when the mortgage is put into our savings pot.
Has anyone else encountered this with I.F. as we are struggling to understand the ins and outs of it all...
Many thanks,
Confused Mel
I hope someone can help with the following:
Have an offset tracker on SVR with I.F. Looking to increase our mortgage as we are moving house. Apparently we cannot do this simpy by accessing our pre-agreed reserve (& built-up reserve) as we are on their SVR, so have to apply for a new product with an arrangement fee. :mad:
The next issue is, we have been told the money has to be put into our current account before we can "port" it over to the new property. So we will have to start paying for the new mortgage before we have even exchanged contracts!! Can this be correct???
This also worries us as it will take us way over the FSCS compensation limit when the mortgage is put into our savings pot.
Has anyone else encountered this with I.F. as we are struggling to understand the ins and outs of it all...
Many thanks,
Confused Mel
0
Comments
-
Why can't you access the pre-agreed reserve? Whats the point of it otherwise?0
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