A&L To Santander - Computer says no

SF1978

Hi all,

just wondering if anybody else has had a similar experience or am I totally wrong, but this really has the feel of computer says no.

I had a 5yr fix rate mortgage with A&L which came to the end of its term when I brought my new house I noticed that the rate was only 0.75% plus the base with about 18 years left. So I thought I'll keep that if I can as it will still be the larger part of my mortgage on my new property. I put all the profit from my old house down and had the extra I needed on a standard variable of 4.99% plus the base which A&L did for me & set at 25 years.

However when Santander took over I started getting statements stating both mortgages were now 25 year term.

My question is would they let my old mortgage get reset to 25 years? I quite liked the idea of finishing the bigger part in 18 years. I'm pretty sure this was how it was set with A&L, typical I can't lay my hand on that statement though. I asked Santander but just got a very if that’s what the computer says that what it is. But again just seems odd you finishing a fixed term and then after it you get to reset the overall term?

thanks in advance.

:beer:

michaels

Seems to me it is too your advantage to have the maximum term on the very cheap borrowing as you are far better paying off the more expensive bit first.

TBagpuss

It may be that it was reset, but that as you're on the SVR you can overpay on that portion so it would not disadvantage you.

I have been speaking to my lender today as I'm planning to move. I will be keeping my existing mortgage (which has 18 years left to run ion the original term) and borrowing extra (which will be at a slightly higher interest rate) I've been told that I can have chose whether I want to borrow the extra over 18 years or extend the old one to 25, but I can't have them 2 different lengths. However, as the 1st part is now on the SVR with no early repayment penalties there would be nothing to stop me paying in back faster if I wanted.

SF1978

yeah thats what I thought, I'm moving again so I'll be looking for a new fixed deal. I seem to have found the post office the best for my circumstances currently. Thanks