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cellie

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We have sold our house stc and want to continue existing mortgage transfering to new property.Nat west have told us that we have to cancel old mortgage and take on new one which isnt so favourable on interest rates.I have been through t and cs and cant find anything about transfering mortgages.
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Odd. I know that when we bought this house we "ported" (their terms) but to you and me........transferred..... the old mortgage to the new house and then topped it up with a bit more. This was through Halifax..but thought most banks would have done the same.
 
My mortgage is with Natwest and when I moved I definitely ported my old mortgage, but had to take out a second mortgage for the additional amount I borrowed. I know this is the case as for a long time I had 2 mortgages, both on different interest rates. (I subsequntly moved the whole lot to their offset mortgage which is excellent if you have some savings)

I would go back to them and ask them to show you the T's and C's where it confirms what they are telling you

That said a friend has a very favourable mortgage with someone (not Natwest) and was specifically told it was portable and now it turns out hers isn't. Seems like they make up the rules to suit themselves really
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You absolutely should be able to post your existing mortgage, if your new one in more money then the new part will be on different rates.
 
I think they have caught cold with the foundation mortgage we have running.Its only 1% over base you can pay off lump sums and reduce balance to suit equally you are allowed to Take money back out of mortgage for other expenses.
 
Ill have a look at offset mortgage we are downsizing and will be releasing money so could go for savings option .
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Definitely look at offset in that case, its saved me a fortune and will be paying off the mortgage years earlier through switching to it.
 
Just been on site for nat west and on two pages they state that you can move and keep current mortgage.I will be phoning again tomorrow on different number advertised on the web page.Found this out looking for offset mortgage .Thanks
 
Its because you are downsizing, if the new property was the same value or more you would be able to port the mortgage but because you are moving to a lower value property the loan to value will not be the same as your existing property. Can you look at another mortgage company for a better rate? I would have a chat with an idependant broker (there are some left) to see if you can get a better deal for the new property elsewhere. Sorry to be the bearer of bad news! Mortgages used to be my job - damn recession & useless banks!! Good Luck :-)
 
I understand what you are saying but loan would still be 60% of value.Like you said damn recession.have been on to very helpful broker and looks like we can fast track mortgage hopefully panic over.
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