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Is a third mortgage a loan too far??
LordyLordy
Posts: 1 Newbie
Hi
Newbie here, though have followed advice from the site before. Probably not well enough though!
Has anyone had a dilemma similar to mine and found a solution?
We’ve got 2 mortgages on our property with a company called Accord, one relatively large one and a smaller one. There’s no early repayment penalty charge on the smaller one, currently at an interest rate of 5.99%. The main mortgage, however, currently at 2.143%, carries a 4% charge, so ££££££££££ (alot!) to pay off if we remortgage.
No one will lend us any more on a mortgage basis unless they take over the main mortgage as well, costing us ££££££££££ (alot!).
Accord may lend us additional monies, but at a rate of 6.49% above base rate. That could bankrupt us when rates go up.
And I’ve spoken to a 'home loan' company who won’t give us a separate home loan because we already have 2 mortgages on the house, even though they only amount to about 62.5% of the value.
Is my only option to borrow at 6.99% (and of course to try and cut back??!!)
Sensible suggestions desperately welcome!!
Many thanks.
Newbie here, though have followed advice from the site before. Probably not well enough though!
Has anyone had a dilemma similar to mine and found a solution?
We’ve got 2 mortgages on our property with a company called Accord, one relatively large one and a smaller one. There’s no early repayment penalty charge on the smaller one, currently at an interest rate of 5.99%. The main mortgage, however, currently at 2.143%, carries a 4% charge, so ££££££££££ (alot!) to pay off if we remortgage.
No one will lend us any more on a mortgage basis unless they take over the main mortgage as well, costing us ££££££££££ (alot!).
Accord may lend us additional monies, but at a rate of 6.49% above base rate. That could bankrupt us when rates go up.
And I’ve spoken to a 'home loan' company who won’t give us a separate home loan because we already have 2 mortgages on the house, even though they only amount to about 62.5% of the value.
Is my only option to borrow at 6.99% (and of course to try and cut back??!!)
Sensible suggestions desperately welcome!!
Many thanks.
0
Comments
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How much are you trying to raise and for what purpose?
Is this Accord Mortgages, owned by Yorkshire Building Society, or another lender with a similar name?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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