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Can I take my mortgage with me? Guide

MSE_Helen_S
MSE_Helen_S Posts: 106 MSE Staff
Part of the Furniture 10 Posts Combo Breaker I've been Money Tipped!
edited 12 June 2014 at 12:02PM in Mortgages & endowments
Hi!

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Thanks folks,
«1

Comments

  • 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?
  • 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.
  • Snapelover
    Snapelover Posts: 435 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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
    kingstreet Posts: 39,107 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • kingstreet
    kingstreet Posts: 39,107 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • kingstreet
    kingstreet Posts: 39,107 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • kingstreet
    kingstreet Posts: 39,107 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
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