Hello Clever people

johannamse

We got a 2 year discount mortgage with A&L last May/June for 130k. If we wanted to move now or in the next 6 months we are able to move the mortgage to new house.

1. Say we want to borrow 40k more but A&L do not want to lend to us, but Abbey would. Is it possible to get 2 mortgages with two different companies? Does this make it complicated when moving? Do they both need to do valuations?

2. Whoever does lend to us, we then have two mortgages where the good discount periods end at different times? So we have to change two different mortgages (with associated costs) seperately (every year?) ggggrrrr. How do people get around this problem? Would it be sensible to just pay the SVR on the smaller amount until the discount period on the other one runs out and then re mortgage all together?

Many Thanks for any replies. It is really confusing me.

lisyloo

Second mortgages are not very popular with lenders.
The problem is that if anything goes wrong, the first lender has the first bite of the cherry in respect of repossession.
It's therefore quite a bit more risky.

Your best bet would be to move the whole mortgage to Abbey.
With the normal timescales involved then it shouldn't be a problem, because your 2 year discount with have finished before you've got a chain completed and all the surveys donwe etc.