2 mortgage question

mongo81

Looking for some advice please guys so heres where im at, id like to move to a bigger place with the g/f, currently have a mortgage in my own name with about 70k outstanding with the house valued at 135k, this is fixed with nationwide and i can port this to a new house and nationwide say i can have another mortgage with my g/f on this mortgage. Can i get a second mortgage with another lender or do i need to get the second mortgage with nationwide?

dimbo61

You cant have 2 mortgages on the same property with different lenders ( you can have a mortgage and a secured loan but PLEASE dont go down that route)
So if Nationwide are happy to port your existing deal and lend you the extra to buy a bigger place then its Nationwide for you.

Senior_Paper_Monitor

You could - in theory - mortgage with another lender BUT only if they take second charge (rather than first) and I doubt you will find anyone willing to do so as a true mortgage rather than seucred loan (which will be more expensive).

If porting and adding a second mortage ensure you weigh the implications of the combined loans (not just cost, but split end dates, almost eternal ERC implications if they stay 'out of kilter', admin/valuation/solicitor fees on twice as many occasions etc) against taking the one-off hit for any ERCs and the impact of rates (both deal and SVR).

Deals at the moment are at 'all time lows' (except for high LTVs).

Out of fairness Nationwide's porting/further advance etc conditions are generally amongst the best - not sure what their stance will be on a single mortage + joint mortage (but can't think of a good reason why it shouldn't be allowed off the top of my head).

mongo81

thanks for the feedback