C&g svmr

waddy80

As part of the LBG 'verde' sale to co-op it's only actually 19.2% of the Lloyds Banking Group Mortgage book that is included. This will not include all C & G mortgages, I beleive that all affected customer will be contacted later on this year with the sale due to complete end of 2013.

Thrugelmir

waddy80 wrote: »

As part of the LBG 'verde' sale to co-op it's only actually 19.2% of the Lloyds Banking Group Mortgage book that is included. This will not include all C & G mortgages, I beleive that all affected customer will be contacted later on this year with the sale due to complete end of 2013.

There's wider issues though. That may impact on Lloyds as a Group.
Only £35 billion of mortgage is now being sold not the original £68 as directed by the EU. As Lloyds is only able to offer £30 billion of deposits as part of the deal. Leaving a £5 billion funding gap.

The original EU would have left a £30 billion plus funding gap. Something a small bank would not have the ability to raise.

As a consequence Lloyds has 18 months post deal to shrink its mortgage book by the additional £38 billion.

Fredinhisredbed

Hi,

I know the thread is a year old...

I'm on the 2.5% rate now...

Looking through my T&Cs [not the handbook but the printed personal ones] it says that when moving that both the rate & the terms will continue at the new property.

I have been talking to a C&G rep and they say that when moving a new mortgage must be taken out, effectivly meaning that I will not be able to port the SVR...

Has anyone here successfully moved whilst retaining the SVR rate @ 2.5%?

Thanks

FRB

kingstreet

It is a new mortgage to which you port the base + 2% guarantee on the same amount you currently owe, with any increased borrowing on one of the lender's current products.

You can't actually transfer a mortgage from one property to another, so the old one is paid off, the rate moved to a new one and the new one started, all on the day you move.

Dave_the_Ginger_Cat

Thrugelmir wrote: »

Are some of the C&G branches being sold as part of the Co-Op deal?

What's being overlooked is that the Co-Op may well revise the SVR on mortgages taken over. As TMW did when acquiring the BOI mortgage book.

The Co-Op are no longer a potential buyer, having pulled out some months ago. The published stance, as reiterated in the recent half year accounts is for IPO
See http://www.lloydstsbtransfer.com/

But the point does still stand - any future owner(s) will want to look at profitablility