Can I take my mortgage with me? Guide 5 June 2014 at 3:30PM edited 12 June 2014 at 1:02PM in Mortgages & endowments 17 replies 8.9K views

MSE_Helen_S

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Can I take my mortgage with me? guide.

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Thanks folks,

Snapelover

We have an HSBC Homeowner Loan which we took out in 2009 in order to do a loft conversion on our property. It was taken out for a period of 23 years.

We are now looking to move house and asked whether we could take the loan with us but we have been told we can't.

We do have the money to pay off the remaining balance but have always chosen to keep the money as the interest rates have always been higher that the interest rate on the loan.

Should we just pay off the loan and start our new lives in our new house completely mortgage/loan free or is there a way we can borrow a similar amount of money to that what we still owe with an interest rate lower than the current savings rates?

Mortgage_Mark_2

One basic point not picked up in that article is that if you were on a fixed/variable rate for a period of time which has now finished and you're on a standard variable rate, you can't port as you have no product to actually port...

Snapelover

Mortgage_Mark wrote: »

One basic point not picked up in that article is that if you were on a fixed/variable rate for a period of time which has now finished and you're on a standard variable rate, you can't port as you have no product to actually port...

The Homeowner Loan is a variable rate, 0.99% above the Bank of England rate.

kingstreet

I don't think Mark was answering you. His lack of a quote suggests that.

This is a thread to discuss the MSE article and it may have been better if you'd started a thread of your own on your particular issue.

Mortgage_Mark_2

Snapelover wrote: »

The Homeowner Loan is a variable rate, 0.99% above the Bank of England rate.

Not their SVR then. Either way probably unlikely that they will let you port it for obvious reasons - you need to have a look at the documentation you had when you took out the mortgage to see when porting is/is not possible.

kingstreet

BTW - as an example, you can port BMR (base + 2%) with Nationwide!

Mortgage_Mark_2

kingstreet wrote: »

BTW - as an example, you can port BMR (base + 2%) with Nationwide!

...but not their SVR of 3.99%

kingstreet

Nah, but you wouldn't want to. :eek:

Mortgage_Mark_2

kingstreet wrote: »

Nah, but you wouldn't want to. :eek:

Fair point but it's better than the %5.something of Clydesdale!

kingstreet

Mortgage_Mark wrote: »

Fair point but it's better than the %5.something of Clydesdale!

True dat. :T