We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can you have two mortgages on one property?
mattbest1986
Posts: 10 Forumite
HELP :-)
We thinking about moving house (to a more expensive house) however because of the mortgage I have we would have to pay charges (early repayment) so I need some advice... I currently have a mortgage with C&G (fixed 5 years @ 6.9%) for 80K we are two years into this deal and if we were to pay this mortgage the early repayment change is 3k.
My question is can I take out a new mortgage for 40k and have two mortgages on the same property, if I move my current mortgage to the new property?
We thinking about moving house (to a more expensive house) however because of the mortgage I have we would have to pay charges (early repayment) so I need some advice... I currently have a mortgage with C&G (fixed 5 years @ 6.9%) for 80K we are two years into this deal and if we were to pay this mortgage the early repayment change is 3k.
My question is can I take out a new mortgage for 40k and have two mortgages on the same property, if I move my current mortgage to the new property?
0
Comments
-
Yes, the second mortgage will also need to be with C&G as they have a first charge.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
You can have two mortgage accounts but they would need to be with the same lender.
The fix rate you have is VERY high - how long is left? What is the ERC?
It might be worth checking out this calculator to work out whether it is worthwhile paying the ERC to secure a lower rate:
http://www.moneysavingexpert.com/mortgages/fixed-mortgage-calculator0 -
Its fixed for 5 years (we're two years in)
Early repayment charge is 3k0 -
Ive got five mortgages on my house....lol.0
-
One mortgage. Multiple sub-accounts.
matt - If you want to avoid the early repayment penalty, go back to C&G for your new mortgage for the full amount you want to borrow. You port the rate on your existing mortgage and take the extra borrowing on whatever new C&G deal you fancy.
Your new mortgage is of course subject to status and current lending criteria.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards