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    • Des89
    • By Des89 4th Oct 17, 8:52 AM
    • 2Posts
    • 1Thanks
    Des89
    Switching Deal - 2 Mortgages on 1 Property
    • #1
    • 4th Oct 17, 8:52 AM
    Switching Deal - 2 Mortgages on 1 Property 4th Oct 17 at 8:52 AM
    Hi all - looking for some help. Forgive my ignorance if I am missing something obvious here but I am struggling to get my head around this.

    One of my fixed rate deals is coming to an end and I want to re-fix.

    We purchased the property 2 years ago for £185,000

    We put down a deposit of £56,000. I had a mortgage from my previous property which was sold. In order to avoid early repayment charges I ported this mortgage over to the new property.

    The fixed rate deal for the mortgage that I have ported over is now coming to an end, and I am a bit unsure of how to use the LTV calculators on various lenders websites when we have 2 mortgages secured on the property. It’s only 1 mortgage I wish to change.

    I do intend to go into Nationwide who are my current lender and have a discussion with their mortgage adviser, however I want to be able to review other lenders as a basis of comparison to see if I can get a more favorable deal elsewhere.

    What we have

    Mortgage 1 – Ported over from original property, circa 47k outstanding balance. This is the mortgage which I want to change.

    Mortgage 2 – New mortgage for remainder of funds needed for property. Circa 70.5k outstanding balance. Still 8 years left on the fixed rate.

    Any advice on how to calculate what deals are available for me for the mortgage 1 portion only, or do I really need to go in and speak with an adviser?

    Thank you in advance.
Page 1
    • chelseablue
    • By chelseablue 4th Oct 17, 9:09 AM
    • 2,234 Posts
    • 2,753 Thanks
    chelseablue
    • #2
    • 4th Oct 17, 9:09 AM
    • #2
    • 4th Oct 17, 9:09 AM
    I'm no expert but I don't think you can have 2 different lenders on one property? So you might not be able to change providers, unless you remortgaged the whole lot and paid the ERC on Mortgage 2
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • Des89
    • By Des89 4th Oct 17, 9:29 AM
    • 2 Posts
    • 1 Thanks
    Des89
    • #3
    • 4th Oct 17, 9:29 AM
    • #3
    • 4th Oct 17, 9:29 AM
    Actually I don't know why I never thought of that, that does sound right to me. I will double check my paperwork and confirm.
    • Mortgage_Adviser
    • By Mortgage_Adviser 4th Oct 17, 10:11 AM
    • 26 Posts
    • 14 Thanks
    Mortgage_Adviser
    • #4
    • 4th Oct 17, 10:11 AM
    • #4
    • 4th Oct 17, 10:11 AM
    As above. You can not have mortgages with 2 different lenders unlses one of the mortgages is second charge. Bearing in mind you can just go for another deal with Nationwide with no problem the second charge is unlikely to be of a benefit in your situation meaning the only option you are left with is Nationwide.
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