Tracker Mortgage Agreement Unclosed?

[A2fan]

I understand that banks are very keen to get customers to move away from Tracker Mortgages, as they are the least profitable...

In the fortunate position that the mortgage balance is paid off but the lending agreement hasn't been closed off in anticipation of future borrowing & the bank still retain the deeds of the property, if a borrower was to borrow further money would the tracker rate of interest still apply?

Is the lending agreement still in place in this scenario?

Would be interested to know what others think...

Any advice appreciated
Thanks in advance

 

[househunter!]

have you cleared the out standing balance on your mortgage ?

if so then any new borrowing will be a new agreement and wont be getting the tracker rate,

the only advantage to keeping your deeds with the lender is that if you want to borrow against it they should be able to use there internal solicitors to do the legal work cheaper for you