Can I have 2 mortgages with 2 different lenders?

Pandster

My circumstances are that I am splitting up with my partner who I jointly bought a house with. We have agreed that we will do a transfer of equity into my name and I will remortgage to buy her out of her share of the house.

I want to keep my current mortgage (it's on a fairly decent rate and there would be early repayment fees anyway) but I need a second mortage to raise the money I need to buy my partner out.

My existing mortgage provider (Nationwide) has indicated they will approve this extra borrowing based on my personal circumstances. I was wondering though if I am allowed to keep my first mortgage with Nationwide and then get the second mortgage with someone else.

At the moment I'm just looking at the best mortgage Nationwide can offer me for the extra borrowing. If I'm allowed to get extra borrowing from anywhere then I should really be looking at the best offer I can get from anywhere.


So, am I limited to just Nationwide, or can I have mortgages with different lenders???

Toughluck

Not really limited to them but you'd probably be mad as a march hare if you went and got a 2nd charge from someone else as the rate would be higher i would have thouht. Also if they have agreed it with you already then you don't really need to do anything else whereas if you did a secured loan you may have survey fees and maybe more.

Locoblade

I thought as the mortgage is secured on the house, as is any additional lending so you can't have mortgages with more than one lender?

koexelek

One mortgage on one property only.

You can get a second secured loan with another company, but not a mortgage.
Rates on those will be higher than a Nationwide further advance though ( which looks your best option)

Locoblade

Ah yep that explains it. If that wasnt the case I'd be keeping my additional borrowing for another year at 4.9% until the end of it's fix rather than paying an early redeption and transferring the whole lot to another lender!