Old Abbey flexible mortgage question

Lakedistrictwalker

Hi All
I find myself in a position to seek advice regarding the Abbey flexible off set mortgage product now with Santander. I have a brilliant .49% tracker and I've had this product for many years paying interest only.
Sadly my wife has passed away and I'm concerned that Santander will somehow use my circumstances to change the product as it only charges .49% over base rate !
I really want to move form my lovely house so me an the children can start a new life but again I'm a little apprehensive about speaking to Santander because if they do change the product or alter the borrowing criteria I basically won't be able to move house.
Has anyone any advice as to how I might be able to approach Santander without letting the cat out of the bag so to speak so I can make a proper decision regarding my future. Thanks.

koexelek

Sorry to hear about your wife.

If it is a portable product, you should be able to move it to the new property, as long as you still fit their borrowing criteria.
They would underwrite it as though it was a brand new application, so your income alone would need to cover the mortgage and you'd have to fit their current lending criteria

I'd say best thing to do is call Santander and say you are "thinking " of moving, and want to know how you would stand if you did.
That way, you are not committed to anything if you did not get the answer you wanted

Thrugelmir

Lakedistrictwalker wrote: »

Has anyone any advice as to how I might be able to approach Santander without letting the cat out of the bag so to speak so I can make a proper decision regarding my future. Thanks.

Sorry to hear of your loss.

Best to be frank and open. Either your mortgage terms or Santanders policy will determine the outcome. There's no grey area as far as Santander will be concerned. Read your original mortgage documentation to see if there are terms regarding future portability.

Interest rates won't this low for ever. So you'll need to make the most of the current situation.