C&G-porting....will I lose the right to take the rate?

Fredinhisredbed

OK. I have a CG mortgage that reverted to the SVR a few years back. I owe £95k and have twelve years left.

I wish to move house...we have already ported the mortgage once.

CG tell me that I can port the rate (2.5%) but I won't be able to do that again...if I subsequently move I'd have to take out a new 'product' as they call it, which will no longer give me benefit of the low SVR.

Now looking at my T&Cs it states that I can port the mortgage when moving house taking with me the rate PLUS the terms...which to me equates I retain the option to port should I move again subsequently.

Has anyone else had experience of this - specifically moving with C&G on a pre June 2010 (when their previous t@c would have been applicable).

Hope that makes sense!

Thrugelmir

If you port the mortgage then you will enter a new mortgage contract. This will by it's very nature supercede your existing T&C's. The only thing you are porting is the interest rate nothing else.

Fredinhisredbed

On what do you base that assumption.

If that was the case wouldn't the contract have wording reflecting that?

It actually stipulates the opposite, ie THESE terms will continue to apply.

My question was aimed at someone who actually has experience with this provider, not general conjecture.

Thrugelmir

Ring and ask them directly. Would be my suggestion then.

Fredinhisredbed

Hi

Yeah I did...their verbal advice is what contradicted the written terms in the first place...

Frb