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On SVR - can I borrow against it?
Mgreen17_2
Posts: 34 Forumite
Hello - I am sure the answer to this must be on here somewhere but I cant find it!
I am currently on the Nationwide SVR at 2.5% minus 0.12% (the 2.5% been the collar).
I am moving soon and wondered if I could just borrow again the rate I am on at the moment instead of moving to another deal which will undoubtedly be worse?
I currently owe £150K ish on a £275K ish house.
When I move I will hardly increase the amount of borrowing and may even reduce the amount I owe due to putting money into the new house from inheritance and savings etc etc.
Cheers in advance.
Matt
I am currently on the Nationwide SVR at 2.5% minus 0.12% (the 2.5% been the collar).
I am moving soon and wondered if I could just borrow again the rate I am on at the moment instead of moving to another deal which will undoubtedly be worse?
I currently owe £150K ish on a £275K ish house.
When I move I will hardly increase the amount of borrowing and may even reduce the amount I owe due to putting money into the new house from inheritance and savings etc etc.
Cheers in advance.
Matt
0
Comments
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Hi Matt - You can port the existing amount at the current rate. Any further borrowing will be at whatever rates are today0
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Blooming brilliant. What I wanted to hear.
Cheers.0
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