Increasing existing mortgage v new mortgage.

Heidi_Vorel

My mother and I bought a flat in 2004. She bought her half with savings and I bought the rest with a mortgage. She now needs her savings back to buy another flat so I need to buy her share of the flat.

My question is whether I should increase my existing mortgage (3.99% fixed) to borrow more (approx £70,000) or whether I should just apply for a new mortgage with another lender on a better deal?

Is having 2 mortgages just too complicated, or could I end saving a lot by finding a deal which is better than 3.99%?

Thrugelmir

You won't get 2 mortgages. You will need to apply for a new mortgage with either your existing lender or a new one.

antrobus

Well you can get 2 mortgages (theoretically at least), but you'd be better off looking at it from the point of view of the choice being between a) approaching your current lender for an additional advance or b) remortgaging with another lender.