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SharkMoney
Posts: 187 Forumite
Hello
I currently have a 5 yr fix that ends nov 2022 at 1.99%. This is set to move onto HVR.
I am looking to move house and I am tripling the borrowing and increasing the term.
The tsb website says “ If you are moving home and are currently on the Homeowner Variable Rate (HVR), or Buy-to-Let Variable Rate (BTV) (or will move onto this when your fixed term ends) you will not be able to take this rate with you to a new mortgage.”
NB you will not be able to take this rate with you to a new mortgage
To me, this suggests the old rate would be scrapped and I could get the new rate 1.49 on the whole mortgage?
However reading my mortgage illustration it say different
“Taking your product rate to a new mortgage
In the future, you can apply for a new loan on another property. If TSB agrees to the new loan you can take the following product(s) and any early repayment charge NBwith you for the remainder of the product rate period(s).”
To me this one suggests the current rate would come with me for the current amount and new loan would be on new rate.
Can anyone clarify?
I currently have a 5 yr fix that ends nov 2022 at 1.99%. This is set to move onto HVR.
I am looking to move house and I am tripling the borrowing and increasing the term.
The tsb website says “ If you are moving home and are currently on the Homeowner Variable Rate (HVR), or Buy-to-Let Variable Rate (BTV) (or will move onto this when your fixed term ends) you will not be able to take this rate with you to a new mortgage.”
NB you will not be able to take this rate with you to a new mortgage
To me, this suggests the old rate would be scrapped and I could get the new rate 1.49 on the whole mortgage?
However reading my mortgage illustration it say different
“Taking your product rate to a new mortgage
In the future, you can apply for a new loan on another property. If TSB agrees to the new loan you can take the following product(s) and any early repayment charge NBwith you for the remainder of the product rate period(s).”
To me this one suggests the current rate would come with me for the current amount and new loan would be on new rate.
Can anyone clarify?
0
Comments
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Your current product is portable.
The follow-on rate isn'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.0 -
You will port the current product for the existing amount and any increased borrowing will be on a new product from the current range for the loan to value in question.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.0
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