Two mortgages while moving

Wh05apk

Just bear in mind that if you remortgage, and your daughters flat sells in 6 weeks, you will likely be left with a hefty penalty to repay your mortgage.

JimmyTheWig

borders wrote: »

Mind as my daughter's existing mortgage is only 1.4% it would still be cheaper if she could get the second mortgage!!

Is she able to port this mortgage to the house? Not sure at what rate she'd then get the rest of the money at, though.

Whatever happens, your daughter won't get the whole of the new mortgage at that low rate, though. Presumably she's thought of this in her affordability calculations!?

borders

Good point Wh05PAK. Like I say it would be simpler if she can just get a second mortgage. I did think about buying the flat to let but have looked into and not entirely comfortable with that, though not dismissing it.

jimmy unfortunately she cant port it. Was a tracker mortgage just above the BoE rate. She did well with it but any new mortgage is at the new rates. She has worked out 2 mortgages at the different ING rates, will need to redo it for another lender.

borders

Just to say thanks for the advice folks, much appreciated, and to let you know what happened.

My daughter has got another mortgage arranged ok with another lender. It was just ING policy not to give 2 mortgages on 2 properties. The new mortgage is actually at a lower rate than ING with a very low arrangement fee and valuation/conveyancing costs for free. So thats been a plus.

Unfortunately the house she was interested in got sold. The estate agents got the keys on Friday. First viewers looked at 12.30pm and put an offer in. My daughter was next to view at 15.00 and got a phone call about an hour beforehand to say it was sold.

So she's back on the hunt but at least she has her mortgage sorted out.