Three loans in one - cheaper to lump together? Advice appreciated

mwddrwg

Not sure if this is the right place to post this but here goes....

We have a Santander mortgage in three parts:

£86,000 owed, repaying @ 4.24%
£158.17 capital and £305.63 interest every month

£38,667 owed, repaying @ 4.24%
£70.70 capital and £136.62 interest every month

£23,859 owed, repaying @ 4.23%
£43.92 capital and £84.11 interest every month

Would it be cheaper for me to combine all three and pay one lot of interest? Paying back 799.16 per month at the moment, or do we carry on as we are?

CLAPTON

if you can get a combined loan with an interest rate less than 4.24% then yes
if you can only get a loan with an increase rate more then 4.24% then NO

having three loans isn't more expensive per se that having one... it all depends upon the interest rate

getmore4less

They are the same rate.

you need to find something with a cheaper rate.

what are the terms and any future change in rates

any penalties for changing.

mwddrwg

Thanks for the advice all.

As our house is not within the usual 70% LTV bracket we'd need to change lenders, we asked Santander about what they would offer and their tracker comes in at 3.9% so hardly worth the hassle of changing the way our mortgage is structured.

We'll keep plugging away then...

Thanks again