Can you help with Abbey problem?

The_Spanish_inquisition

I have a very nice term tracker mortgage with Abbey (BBR +0.75%). I have had this for 4 years and want to keep it.

The paperwork all says it is portable.

I have inherited a quarter share in my fathers house, he passed away in December. In the family we have agreed that my wife and I will buy out my brother and sisters and move in and need a mortgage to do so.

Abbey are saying we can not port the product and will have to take a higher rate. They argue their policy is that as I already have an interest in the property they won't allow porting. This is not in any paperwork.

Has anyone else experienced similar problems? Thanks

Thrugelmir

The_Spanish_inquisition wrote: »

I have a very nice term tracker mortgage with Abbey (BBR +0.75%). I have had this for 4 years and want to keep it.

The paperwork all says it is portable.

I have inherited a quarter share in my fathers house, he passed away in December. In the family we have agreed that my wife and I will buy out my brother and sisters and move in and need a mortgage to do so.

Abbey are saying we can not port the product and will have to take a higher rate. They argue their policy is that as I already have an interest in the property they won't allow porting. This is not in any paperwork.

Has anyone else experienced similar problems? Thanks

Not a common situation and not one that would necessarily be explicity detailed in your paperwork. Abbey are technically correct in that you already have an interest in the property. As "porting" is when you sell one house to buy another and in the process transfer the mortgage.

My suggestion would be to sell your share to the other family members then purchase the entire property outright.