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Explain switching providers/mortgages please!
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Ivrytwr3
Posts: 6,299 Forumite
OK, please bear with me here!
In 2005 we took out a 5 year fixed with A&L - £84k on a purchase of £94k
In 2010 we sold and bought. Sold at £99k and bought at £171250.
We kept the original mortgage and took out another mortgage to top up what we needed for the purchase - approx £150k (we did this as at the time we were still tied to the 5 year fixed for a few more months.
The 5 year fixed has now finished and we are not tied to the second mortgage and both mortgages are with A&L/Santander.
We would now like to put the 2 mortgages into one fixed rate.
Is this advisable? Do we need another deposit? Does anyone recommend a current deal on mortgages?
Sorry, for the questions, but i am new to this!!
In 2005 we took out a 5 year fixed with A&L - £84k on a purchase of £94k
In 2010 we sold and bought. Sold at £99k and bought at £171250.
We kept the original mortgage and took out another mortgage to top up what we needed for the purchase - approx £150k (we did this as at the time we were still tied to the 5 year fixed for a few more months.
The 5 year fixed has now finished and we are not tied to the second mortgage and both mortgages are with A&L/Santander.
We would now like to put the 2 mortgages into one fixed rate.
Is this advisable? Do we need another deposit? Does anyone recommend a current deal on mortgages?
Sorry, for the questions, but i am new to this!!
0
Comments
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Is this advisable? Do we need another deposit? Does anyone recommend a current deal on mortgages?
Sorry, for the questions, but i am new to this!!
The downside with having mortgage sub accounts is that seperate fees are payable on each part. So consolidating in the sense of having one main account does make sense.
No further deposit is required.
Here's a link to the FSA consumer website that enable you to see what options may be available to you.
http://www.moneymadeclear.org.uk/tables/bespoke/Mortgages0
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