Multiple Mortgage accounts on 1 property

Aridshark

Over the years with moving house and taking out extra borrowing I have ended up with 4 mortgage accounts against the 1 property. These are with Nationwide and the last time I sorted out a fixed rate deal they said I could not consolidate all the accounts into 1. My question is. By having to negotiate a new rate for all 4 accounts individually will it cost me more than if I only had one account covering all money owed??

dimbo61

You need to read all the paperwork relating to each one of the 4 accounts and ring up the Nationwide mortgage centre if necessary and ask Questions.
Write down the rates you are paying on each account, check when each deal ends and what rate it then goes onto SVR(3.99%) or BMR (2.5%)
If you have spare money then overpay the most expensive part first!
Now you maybe allowed to overpay all 4 parts by £500 a month but most people cant afford that ( and not sure if allowed)
You may have to wait until all 4 parts finish current deals before changing to one rate for whole mortgage debt outstanding.
Please check carefully as the BMR is a very good deal

Aridshark

:)Thanks dimbo. I think I may stay with the BMR. Its capped at no more than 2% above the BoE rate as i took the mortgages out before 2009. If the rates start going up significantly I may look into fixing then. Thanks again