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C&G Mortgage - Now TSB - SVR?
Grampus8
Posts: 883 Forumite
Hi people,
I have a C&G Mortgage currently on the SVR which is guaranteed to be no more than 2% above BOE base, so currently 2.5%.
Now that some mortgages are being split and are now TSB, do you know if that guarantee still stands?
Many thanks.
I have a C&G Mortgage currently on the SVR which is guaranteed to be no more than 2% above BOE base, so currently 2.5%.
Now that some mortgages are being split and are now TSB, do you know if that guarantee still stands?
Many thanks.
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Comments
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The terms of your contract still apply.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Really?
That's splendid. Thank you.0 -
They cannot unilaterally change the mortgage agreement, even if the company owning the mortgage has changed, unless the wording of that agreement allows for those changes (that wording can be a legal minefield though).Really?
That's splendid. Thank you.
While I'm sure they would like to charge you more, LBG looked at their mortgage agreements a few years ago and varied the Halifax and BoS rates, but didn't vary the Lloyds TSB, C&G or Intelligent Finance rates.
This is because their legal advice told them that they would be breaching the contract if they did change the tracker margin on the latter three brands.
As it is, they (or rather the former HBOS) made a mess of the Halifax change and got stung by the regulator for it. Not because they couldn't vary it, but because of the way they went about varying it.
So you should be okay.0 -
TBH if your mortgage is with C&G and C&G is hived off into a different holding company, your mortgage is not affected.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks Opinions4U
KingstreetTBH if your mortgage is with C&G and C&G is hived off into a different holding company, your mortgage is not affected.
Some C&G mortgages have been transferred to TSB now so does your point still stand?0 -
So, they have gone from having a C&G mortgage, to having a TSB mortgage?
Was a new mortgage deed issued?
It was my understanding that C&G plc ceased being a subsidiary of LBG and became a subsidiary of TSB (Scotland).
It's possible I'm behind the play on this.
http://www.cheltglos.co.uk/Keyquestions.html
Either way, it is my understanding that the terms & conditions of individual accounts will not change, although empirical evidence of other similar transactions (BoI to TMW for example) suggests that may not be the case.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I bank with Lloyds and have a C&G mortgage. My bank account is going back to Lloyds but the mortgage is going off to TSB. Not happy about that but I cant change it and the terms are too good to move it elsewhere as I would just spite myself.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Sorry dunston.
Is your mortgage going to TSB from C&G, or is C&G going from Lloyds to TSB and your mortgage is going with it?
I'm confused about what's being transferred.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The C&G brand remains with LBG, albeit dormantly.
I believe all C&G mortgages taken out through C&G branches will move to TSB. Additionally, all Lloyds TSB and C&G mortgages linked to the new TSB branches will also move to TSB.
If my understanding is correct (no promises), all other C&G / Lloyds TSB mortgages will remain with Lloyds.0 -
But the upshot of it all is that the terms won't change?
Sorry for repeating myself!0
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