Morgage or Loan

Ganga

We have come to the end of our 5 year fixed with our building soc. and have applied for a 5 year fied with HSBC which has been approved,we have received the documents to fill in which includes the banks soliciters questionaire however the soliciters keep calling the morgage a "Home Owner Loan".
now i know that a morgage is a loan from a BS/Bank but having a morgage on our house sounds better than a loan

Also can anybody tell me how the change over works ie from BS to bank.do the bank pay the BS then we just swop the direct debit from one to the other, i know this might sound like a stupid question but have been with the BS since we bought the house 20 years ago.

Thanks:o

Thrugelmir

Your solicitor will settle the loan balance with the BS and in the process transfer the mortgage (the legal charge ) on your property to the bank.

Your new lender will ask you to complete a new direct debit mandate to pay the mortgage.

Manmade

Hi All,

I have just realised that PPI was added to a personal secured loan I applied for about 6 years ago. My question is the loan is not from a bank but a finance company. Can I re-claim the PPI?

Thanks