First and Second Mortgages - Help!!

GunJack

Please bear with me, but I really need some advice. I'll try and keep to details.....

1. Am being offered new job, which means relocating. Some relocation costs will be paid by new employer.

2. To buy in new area, I will need to port existing main mortgage (not a problem, lender justs needs valuation costs on new house), and borrow some more.

3. As part of moving, will be paying off existing second mortgage with FP (I know, but we can all make mistakes )

4. Main problem I seem to be having is that my current lenders rates for the new top-up aren't too good at the mo, so as long as I keep to 95% or under, can I go to any lender I like for the second mortgage ???

AndyWallace

You can get a second charge loan from anywhere, but the rates won't be as good as First Plus?

Chances are the second charge rates offered by your existing lender are at Standard Variable Rate, but even so these rates will be better than anybody elses'

Andy

GunJack

AW - thanks for that. After re-checking, I could get 5.89% fixed for 5 yrs with my current provider, and that'll almost match the fixed period remaining on my main loan. I would pay off both the existing ones and get one new one at a good rate, but the redemption penalty on 1st charge is still £6k (it was a 10 yr fixed rate, bloody good at the time).