What will Abby charge me?

jonny5_3

Looking to move from my starter home which I have a £127,000 mortgage paying interest only variable for 2 years ending in August '07.

The house ive seen will push the mortgage up to £197,000 and I'm planning to move before the 2 years will be up, will they charge me for borrowing extra funds, if so will there be a penalty?

Thanks for any help in advance

Mr_helpful

You should look at your mortgage offer. You should be able to take your existing mortgage terms with you and so there would normally be no penalty. If you change lender Abbeys redemption penaltys are entertaining to work out but will be detailed in the offer. Or you could request aredemption statement from the Abbey

noisypinkbubble

Abbeys general policy is any product is portable so long as you AREN'T reducing by more than 10% of the total balance (which you clearly aren't) The additional will be offered with the chance to put a new rate on. My advice is contact the team who actually handle movers on 0800 555100 option 1