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Can I take my mortgage with me? Guide

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Can I take my mortgage with me? Guide

edited 12 June 2014 at 1:02PM in Mortgages & Endowments
17 replies 7.5K views
MSE_Helen_SMSE_Helen_S MSE Staff
99 posts
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MSE Staff
edited 12 June 2014 at 1:02PM in Mortgages & Endowments
Hi!

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Thanks folks,
«1

Replies

  • 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?
    :j Mortgage free at 49 :j
    :beer:
  • 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...
    I am a mortgage adviser.
    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.
  • 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.
    :j Mortgage free at 49 :j
    :beer:
  • kingstreetkingstreet Forumite
    36.2K posts
    Ninth Anniversary 10,000 Posts Photogenic I've helped Parliament
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    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.
    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.
  • 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.
    I am a mortgage adviser.
    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.
  • kingstreetkingstreet Forumite
    36.2K posts
    Ninth Anniversary 10,000 Posts Photogenic I've helped Parliament
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    BTW - as an example, you can port BMR (base + 2%) with Nationwide! ;)
    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.
  • kingstreet wrote: »
    BTW - as an example, you can port BMR (base + 2%) with Nationwide! ;)

    ...but not their SVR of 3.99% ;)
    I am a mortgage adviser.
    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.
  • kingstreetkingstreet Forumite
    36.2K posts
    Ninth Anniversary 10,000 Posts Photogenic I've helped Parliament
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    Nah, but you wouldn't want to. :eek:
    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.
  • kingstreet wrote: »
    Nah, but you wouldn't want to. :eek:

    Fair point but it's better than the %5.something of Clydesdale!
    I am a mortgage adviser.
    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.
  • kingstreetkingstreet Forumite
    36.2K posts
    Ninth Anniversary 10,000 Posts Photogenic I've helped Parliament
    ✭✭✭✭✭
    Fair point but it's better than the %5.something of Clydesdale!
    True dat. :T
    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.
This discussion has been closed.

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