3 mortgages, can I use different lenders?

stanleymog

Hi,

I have 3 mortgages running along side each other for the same house from the same lender and one of them has finished its tie in period, so today I tried to set up a new deal on a lower interest rate which I could but after the product fee was taken into account the monthly payments were higher!!!:mad:


So the question is can I use a different lender for this 1 mortgage or do they all have to be with the same lender?

Thanks in advance.

kingstreet

You basically have one mortgage, with one lender. Along the way, you have taken extra borrowing and this has resulted in separate accounts being set up within your mortgage.

As the mortgage is a 1st charge on your home, the only way you could have different mortgages is to take a 2nd charge, also known as a secured loan from another lender to repay one of your accounts. The rate you pay for this will be reflected in the fact that a 2nd charge is not as good security. I don't think this will achieve what you are looking for.

On the face of it, you are more than likely going to have to wait for all three accounts to come out of penalty before you look to take a new product from your existing lender, or look to remortgage the whole of your borrowing to a new lender.

getmore4less

you will need to stick with the current lender till they syncronize.

Post the details of each and someone can have a think about options.

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stanleymog

Hi,

Thanks for your answers, here are the details I posted from another post about a different question:

have 3 mortgages all running along side each other with N & P.

The details are as follows:

1. Fixed at 5.48% until 2015
Closing Balance: £57,557.92
Early repayment charge: £ 2,951.24
Total owed: £60,509.16

2. Fixed at 5.78% until 2012
Closing Balance: £7891.45
Early repayment charge: £ 315.66
Total owed: £8207.11

3. Varible at 5.35%
Closing Balance: £12,411.80
Early repayment charge: £ 0
Total owed: £12,411.80

Total mortgae = £81,128.07


Total owed per month is £538.67

I have been looking at a two year fixed rate at a cost of £471 per month, a saving of £67.67 over the same mortgage period, but is it?!

It would cost me approx £3000 in redemption fees but another £350 in mortage fees to swap lenders, to save £1624 over the two year period.

Would I be better off over paying mortgage 2 by 10% which would be approx £800 until the tie in period ends, then paying off the mortage with the highest interest rate?

lelanderson

I have a similar question.

I have 3 parts to my mortgage with 1 lender and I am wondering whether i should be looking to remortgage and have 1 payment. None of them have early repayment charges.

Can anyone advise please?

part 1
Balance £74418
interest rate 1.25%

Part 2
Balance £22166
interest rate 4.99%

Part 3
Balance £18947
Interest rate 4.99%

I pay £780 per month and I have 15 years remaining

Thanks

GMS

What is the property worth?

How much Early Repayment Charges are there (if any)?

lelanderson

No early repayment charges and the property is worth £165k

Thanks for your reply

lelanderson

can anyone help me? really want to sort my finance sout asap. Thanks

Thrugelmir

Who is your current lender?

Are they all repayment mortgages?

lelanderson

Was A & L (now santander). They are all repayment with no early replayment fees.

GMS

You appear to have enough equity to get a decent deal assuming affordability is proven and a good credit history.

Speak to a broker to see what may be available