Advice - combining mortgages in to one

missk_2

Hi
Hoping someone can advise. I am just checking out some stuff I should have looked at years ago!
My partner has mortgages (about 4 separate accounts from remortgaging) with Alliance & Leicester on a property and they are interest-only terms. We do not have an endowment of any kind and I really want to get paying it off in full so that it's not something we have to think about too much. What is the best way to transfer the mortgage to combine all the separate amounts in to one so that we can see overall how much is being paid and at the same time move to repayment so we can pay it off quickly and without tie-ins etc. He is self-employed so usually have to show years of accounts etc.

Thanks for any pointers, that will help me a few hours trawling the internet for info.

kingstreet

Ask Santander what products they have you could transfer to. If you decide on what suits you best, ask them to change the account to repayment at the same time.

Alternatively, look at remortgage products with other lenders and if that looks better, apply for a new mortgage on repayment.

Bear in mind the need for status and income checks if you move which will probably not be required for a product transfer.

DVardysShadow

If he is self employed, stay on Interest Only, but use an online calculator and your rates of interest to work out how much you should be paying to pay it down over whatever period you decide. Then overpay. As he is self employed, if the money gets a bit tight, it is better to be on Interest Only already rather than have to go cap in hand to get changed to IO.

Thrugelmir

The sub accounts may be on different rates of interest. Possibly beneficial rates. So don't be hasty in consolidating them into one product.

Obviously start making payments to the highest interest product first as soon as possible. In order to get the ball rolling to reduce the debt owed.