If you move your mortgage to another lender and leave the unsecured loan element as a standalone loan, then your loan is referred to as delinked.
Please be aware that the interest rate on a delinked Together unsecured loan is charged at our standard variable rate plus an increase of 3%, 5% or 8%, depending on when you started your Together mortgage. Please refer to your original offer documentation for more information on the rate that applies to you.
For example, a Together customer with a mortgage of £100,000, a loan of £15,000 (both still with Landmark) and a current interest rate of 4.79% with 15 years term remaining would be paying £60 per month on just their £15,000 loan.
If this customer moved just their mortgage to another lender, the interest rate on their (now delinked) loan would increase to as much as 12.79%, increasing their loan repayment from £60 to up to £188 per month.
Although delinked loans do not have any Flexible Features, you are still able to make penalty-free overpayments at any time.
If you would like to speak to us about your loan please do so on 0330 159 7152* and we will be happy to help with any queries.