2 Mortgages / 1 house?

suzyp1982

Can you have 2 mortgages for 1 house?

We are consdering moving, the house that we have looked at is approx £30k more than ours is currently worth. Our current mortgage is fixed until 2016 and is quite a good deal so i wouldnt want to get rid of it. Can i get a top up mortgage for the £30k so im paying 2 mortgages? and do i have to get it from the same lender as my fixed? also does it have to be the same amount of years my fixed is on?

thanks!

VIGILANT22

To move your mortage it would have to be portable.........To port it would be down to the discretion of the lender, altho you keep the rate it is treated as an new application...at that point further borrowing could be applied for..........

bazza1603

We did this with the HSBC about 2 and half years ago. However we have looked at fixing for a longer period since and its a pain having two charges. HSBC wont look at combining them even against a new product. So 2 lots of all the fees that go with ending and starting a mortgage.

From experience if I did it again I would look at a different lender for the total money. However sying that we saved 1.50 percent so pehaps its worth the hassle!

VIGILANT22

It depends which lender you're with and if yr on the SVR..if you're on the svr you can take yr existing mortgage plus new borrowing together into one mortgage amount, that is if you want the same term...sometimes people take a further advance and decide to pay it off in a shorter term to save interest