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  • FIRST POST
    • pollyanna24
    • By pollyanna24 12th Apr 17, 2:52 PM
    • 3,681Posts
    • 4,381Thanks
    pollyanna24
    Two Mortgages - One Property
    • #1
    • 12th Apr 17, 2:52 PM
    Two Mortgages - One Property 12th Apr 17 at 2:52 PM
    I have two mortgage on my house (got a second mortgage in order to buy my brother out).

    Is it possible to have the mortgages with two different lenders?

    One of my mortgages is fixed till 2021, but the other has not limitations on it.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £400,000
    Mortgages (3rd Nov 2017) - £180,813.85
    Equity - £219,186.15
Page 1
    • kingstreet
    • By kingstreet 12th Apr 17, 3:10 PM
    • 32,209 Posts
    • 17,250 Thanks
    kingstreet
    • #2
    • 12th Apr 17, 3:10 PM
    • #2
    • 12th Apr 17, 3:10 PM
    You can have only one first charge mortgage. These are what high street lenders base their lending on.

    You can then have a second charge loan, or secured loan from a third party lender but the rate will be higher.

    When you say you have two mortgages, are you describing the above or is your first mortgage with one lender split into two sub-accounts to reflect different borrowing at different times?
    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.
    • pollyanna24
    • By pollyanna24 19th Apr 17, 10:10 PM
    • 3,681 Posts
    • 4,381 Thanks
    pollyanna24
    • #3
    • 19th Apr 17, 10:10 PM
    • #3
    • 19th Apr 17, 10:10 PM
    Thank you for your answer.

    I'm guessing it's the latter.

    When I went to buy my brother out, I didn't want to consolidate the "extra borrowing" into one mortgage as I liked my "1st mortgage." 2% above base rate and ability to borrow back any overpayments.

    So now I have one mortgage as above which was the original mortgage that I took out in 2006 when I bought the property (currently 2.25%) and

    A second mortgage fixed for 5 years at 2.34%.

    Two separate amounts come out each month and I have two mortgage account on my internet banking.

    So if I wanted to change lender, I'm guessing it would have to be for the total amount of the two mortgages?
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £400,000
    Mortgages (3rd Nov 2017) - £180,813.85
    Equity - £219,186.15
    • glosoli
    • By glosoli 19th Apr 17, 11:09 PM
    • 673 Posts
    • 387 Thanks
    glosoli
    • #4
    • 19th Apr 17, 11:09 PM
    • #4
    • 19th Apr 17, 11:09 PM
    Yes you would have to remortgage the whole lot.
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