remortgage after porting current mortgage

pebblespop

i had a mortgage with nationwide and ported it to my new house. i increased my borrowing which they seem to have treated as a separate mortgage.

the first mortgage deal ends on 31 jan 09 and the second mortgage ends on 31 dec 09.

can i re-mortgage just the first part with a different lender or do i have to move both(and pay early repayment charges on the second part)

hope that makes sense!!

Trying_to_be_good

Every mortgage lender outs a 'charge' on your property - their ability to repossess it and sell it to get their money back should you stop paying.

The first 'charge' is worth a lot more than any subsequent 'charge' as the first 'charge' is paid first from the sale proceeds. Nationwide have the first charge and so another lender is unlikely to take on part of the mortgage with a secondary charge.

You will have signed paperwork for the new, additional mortgage - there would have been an option for it to be on the Base Mortgage Rate (BMR) but you have chosen for it to be on a 'deal' by the sound of it. You'll need to choose between:

remortgage with Nationwide on the 31 Jan 09 deal, or

let it go onto the BMR until 31 Dec 09 and remortgage the whole lot, or

remortgage the whole lot now and pay any redemption fee on the 31 Dec 09 mortgage.

I chose the middle option when I had additional borrowing 'out of sync' with a lender.

pebblespop

thanks i might see how much the redemption is as nationwide seem to have bumped their rates up (as everyone has i suppose) but it think i can get a better deal elsewhere.

need to check out the figures!

koexelek

Even though they have bumped their rates up, Nationwide are still there or there abouts