Looking to move, 2 mortgages?

devon_bay

Hi everyone,

1st time poster so please be gentle!

Me and my girlfriend have decided that our two bed flat isn't big enough anymore and want to move into a house.

We are on a good deal at the moment - our mortgage tracks at 1% above base rate.

When we move we would be looking to increase our mortgage, I'm going to contact our lender and ask them if they would consider increasing our current mortgage on its current terms. I doubt this is likely in the current climate but will be worth an ask.

My question to you guys is - assuming they do not want to do this, is it a possibility that they would lend us an additional say £20k on a different rate/t&cs and in effect have two mortgages on the same property.

Would be interested to hear other peoples thoughts/experiences before I call as may be of use.

Cheers!

Charterhouse

It wouldn't be two mortgages if it was with the same lender, it'd be one mortgage on 2 different rates. This is perfectly possible, but I very much suspect that they will only offer to lend you more cash if you give up your BR+1% tracker.

Thrugelmir

Depends if "porting" your existing mortgage was a term contained in the contract. If it isn't then chances of transferring are very low. Existing mortgage will be redeemed when you sell and move.

Make the most of your current situation to save and build equity.

Kathym78

HELP..
I currently have a fixed rate mortgage finishing end of May.... I have this mortgage in my sole name... my partner has a property in which he loans out....
I have recieved quotes for a new fixed rate starting 1 June in joint names.. however.. confusion has hit!!!.. some mortgage lenders said I would need to think of solicitors payments to get him on the deeds, however on speaking to a solicitor they said with it been a new mortgage this will happen and he will be on the deeds... I have tried to get information from numerous lenders and they don't seem to know and suggest I seek independant advise, am still waiting solicitors to call me back!!!

devon_bay

Thrugelmir wrote: »

Depends if "porting" your existing mortgage was a term contained in the contract. If it isn't then chances of transferring are very low. Existing mortgage will be redeemed when you sell and move.

Make the most of your current situation to save and build equity.

I am permitted to port the mortgage (take it with me) but I would want to increase the amount borrowed and therein lies the problem.

VIGILANT22

Kathym78 wrote: »

HELP..
I currently have a fixed rate mortgage finishing end of May.... I have this mortgage in my sole name... my partner has a property in which he loans out....
I have recieved quotes for a new fixed rate starting 1 June in joint names.. however.. confusion has hit!!!.. some mortgage lenders said I would need to think of solicitors payments to get him on the deeds, however on speaking to a solicitor they said with it been a new mortgage this will happen and he will be on the deeds... I have tried to get information from numerous lenders and they don't seem to know and suggest I seek independant advise, am still waiting solicitors to call me back!!!

An extra charge will be incurred....how could this solicitor say he would be on the deeds?..who would have put his name on the deeds?...your name was added to the deeds when you purchased the property and that is the way they will remain until you instruct differently...If you're receiving free legals with yr rmtg an additional charge of a couple of hundred quid will be charged for adding yr Mr to the deeds..