Portability on Abbey Mortgages

hatcheth

Hi,

I've got one of the early lifetime tracker mortgages with Abbey at BBR + 0.5%. Obviously i'm very happy with this deal at the moment.

However I am considering moving house, but only if I can take a portion of the current abbey deal with me.

I read the mortgage terms and it states that this mortgage is portable. I've researched this on the net and I can't determine if this means they have to move the mortgage to a new property (assuming the new house meets their surveys etc and I don't have any finance problems) or that they might let me move it if they want. Anyone have any views on this ?

Lastly, if the current mortgage is 100k and I want to borrow 200k in total. I assume Abbey won't lend me the extra 100k on the same terms (BBR +0.5%). So is it acceptable practise to have a 2nd lender provide the last 100k at current market rates? I know the Ocean finance etc put a 2nd charge on the property, but I don't want to pay high rates.

thanks in advance

Stephen

jill2002

There is a special porting rate for the lifetime tracker mortgage. Ask at your local branch for details.

If you wish to take extra on your new mortgage, you would normally choose another deal for the 'top up' part. It will still be one mortgage, with two parts for the different deals. It is not possible to purchase a property with mortgages from two different lenders.

opinions4u

jill2002 wrote: »

There is a special porting rate for the lifetime tracker mortgage. Ask at your local branch for details.

If you wish to take extra on your new mortgage, you would normally choose another deal for the 'top up' part. It will still be one mortgage, with two parts for the different deals. It is not possible to purchase a property with mortgages from two different lenders.

Unless you are called Peter Mandelson and the other lender is a wealthy friend?

ronaldmacdonald

Unless your so called portable tracker is with HSBC - who decide that they can move you on a new purchase at 90% ltv and then 3 days later change the "rules" to say you need an 85%ltv. Hmm - think they will bend over backwards to keep you on a .5% tracker?

I think not.

Listen to the squeals.

Ronald

_Andy_

hatcheth wrote: »

Hi,


I read the mortgage terms and it states that this mortgage is portable. I've researched this on the net and I can't determine if this means they have to move the mortgage to a new property (assuming the new house meets their surveys etc and I don't have any finance problems) or that they might let me move it if they want. Anyone have any views on this ?

Portability means, subject to current lending criteria, you could take the mortgage to the new property if you moved home.

Lastly, if the current mortgage is 100k and I want to borrow 200k in total. I assume Abbey won't lend me the extra 100k on the same terms (BBR +0.5%). So is it acceptable practise to have a 2nd lender provide the last 100k at current market rates? I know the Ocean finance etc put a 2nd charge on the property, but I don't want to pay high rates.

thanks in advance

Stephen

Not on the same terms, it would be whatever rates they have available.
There is absolutely no way it would be beneficial to have a second charge loan on the property.

You need to ring Abbey to clarify what rates you could get.

PBA

You can absolutely move the Flexible Plus mortgage to a new property, and the whole of the borrowing will be at +0.49%. The only condition is the underwriting, ie proof of income and result of survey.