Increasing mortgage amount without losing current good rate

gerri1

I am in a position where I want to add to my mortgage now but don't want to lose its current good interest rate I picked up a few years ago.

Is it possible to do this? I want to add £20K to my £74k mortgage ( house worh £120K) for various reasons which I have thought through. However, I have just started my fourth year of a fixed rate deal at 4.75% I took out three years ago and that was for five years fixed. In other words I have two years at this good rate left. If I add to my mortgage now will I be stung for a whole new mortgage at a higher rate or can I keep my old rate and just pay a higher rate on the new additional amount ? If this is this case - does this mean in effect i have two mortgage accounts and what are the risks if I want to move the whole thing in two years time (which is likely).

Any advice would be great.
Thanks

luckyfool

A further advance from your current lender at their SVR, or maybe on a 2 year deal will allow you to keep your existing balance on the same product.

The risks are obviously that you take the new advance on a product with tie ins that extend beyond when your main mortgage ends. as long as it is just a month or two, or the penalty is relatively small then then it shouldnt be too much of an issue.

gerri1

Many thanks. I'll give them a ring and check out what they can do