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Are Alliance and Leicester different companies or the same for mortgages?
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
Just a quick question.
We are porting an existing Alliance and Leicester mortgage over from our existing property to our new house, but we need to take out a 2nd mortgage product for the shortfall as we are buying somewhere bigger than our current place.
Alliance and Leicester are realistically the only lender available to us as we're on a very cheap tracker (0.5% below base rate) with them, so it's financially silly for us to switch providers, but that means we are restricted to A&L for the '2nd mortgage' bit too (as no-one else will offer a 2nd charge).
But my question is this: is there anything stopping us applying to Abbey (Santander) for the 2nd bit of the mortgage? Their rates are actually better than A&L, even though they are the same company. Would they still not accept a 2nd charge even though it's technically the same business? Or, in other words, are they separate businesses for the purposes of mortgages or one and the same?
We are porting an existing Alliance and Leicester mortgage over from our existing property to our new house, but we need to take out a 2nd mortgage product for the shortfall as we are buying somewhere bigger than our current place.
Alliance and Leicester are realistically the only lender available to us as we're on a very cheap tracker (0.5% below base rate) with them, so it's financially silly for us to switch providers, but that means we are restricted to A&L for the '2nd mortgage' bit too (as no-one else will offer a 2nd charge).
But my question is this: is there anything stopping us applying to Abbey (Santander) for the 2nd bit of the mortgage? Their rates are actually better than A&L, even though they are the same company. Would they still not accept a 2nd charge even though it's technically the same business? Or, in other words, are they separate businesses for the purposes of mortgages or one and the same?
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Comments
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Alliance & Leicester is a brand, as is Abbey a brand.... of the Santander group..they are seperate0
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Cool, that's what I thought. Just spoke to them too and they said they might have merged mortgage operations by end of next year so by then it will be possible, but not at the moment.0
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That reason is why they have very bad service levels. Good luck with your app."Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00
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