Ing/barclays transfer advice please

Thrugelmir

Stratus wrote: »

I have the same mortgage product but haven't received that letter yet. The original terms and conditions include the following:

40 Our right to transfer the mortgage
40.1 Unless the agreement says otherwise, you must not transfer the agreement to any other person. We may sell and transfer our rights and responsibilities under this agreement to any other person or business at any time. We may (but do not have to) give you at least 30 days’ notice of this. We may also transfer any related rights or interest under the mortgage deed. If we transfer any of our responsibilities, we will make the other person or business take on equivalent responsibilities towards you.
40.2 If we sell and transfer any or all of our rights, benefits or responsibilities, your own rights and responsibilities under the agreement will stay the same.

In would be interesting to hear what Barclays say in response to that.

Pretty standard terms. The new lender can in essence do what they want providing they give due notice. So could potentially change the rate of interest for example.

curehead

Thrugelmir wrote: »

Pretty standard terms. The new lender can in essence do what they want providing they give due notice. So could potentially change the rate of interest for example.

Are you sure? I am also on the old ing rate of boe +0.89% and wonder if barclays can change the rate but t&c read that my rights stay the same. But how will they move me to an equivalent barclays product if barclays havent got one like that, ie lifetime tracker at + 0.89%?

lisssa

Just to answer cure heads question, I too have ing direct 0.89 % tracker and in process of selling my house . I've spoken to Barclays and they have confirmed I can port my existing mortgage and it will just stay on this rate.
Whilst Barclays don't offer these mortgage products, what they will do is create new products which match the ones ing offers , but they will be ring fenced just to enable them to migrate the accounts across from ing. I work for a cc company and we had to do that for a card portfolio we purchased , the new products we created we never offered to the 'open market.'

HTH