Lender wants to change mortgage terms after completion

getmore4less

It is fairly standard that offsets can't be mixed with other products I do recall this is not all lenders.
(it would be in the initial offset T&C)

A close equivalent to what was offered would be a lifetime tracker at the offset rate for the ported bit and leave the other bit alone on the fix.

A separate instant access saving account at the same tracker rate would solve the offset.

what is their best saving account? If lower that's your ongoing offset benefit loss the difference in rates.


Which lender?

They also have other options if they wanted to be creative

Put the lot on the existing offset terms
Convert the new borrowing into a separate loan on their books.
Unsecured if necessary there are other ways for them to protect that debt.

jackomdj

Thrugelmir wrote: »

Which presumably you can still do at the end of the 5 year period fixed term period?

When you took out the additional mortgage borrowing. The only offset options available would have been those available at the time. There would have been no right to the same terms and conditions as the original mortgage.

A lender cannot offer you a product they don't have. Which I assuming is their issue with your demands. Hence the apparent intransigence on their part. Mistakes do happen.

Out of curiosity are you utilising the offset facility fully against the original mortgage?

It depends on the original mortgage. Our mortgage is offset, when we moved we were able to increase the mortgage and alter the term, still at the original rate (0.5% above boe base rate). Even the banks mortgage advisor was impressed with it.

If it was me I would be pushing to keep what they sold you, or move it all over to the offset.