Portable mortgage - moving up the ladder

Knight_of_the_Orient

Hi All,

We're currently in the process of selling our first flat and moving up the property ladder.

I am 3 years into a 5 year fix with the Newcastle Building Soc, not a great rate compared to what is available now but at the time I needed the security. In buying our next place we will take on more debt but and should end up with an LTV of circa 75-80%.

I have had some preliminary conversations with NBS and affordability is not a problem. I want to understand more about how this new mortgage would work. My understanding is that the mortgage would be two different products with the same lender. I am wondering;
- is it possible to have two separate lenders on the same property?
- would the additional mortgage automatically run to the end of my current mortgage?
- if the mortgage is with the same lender would they still view it as two separate transactions (I.e. So we could overpay on the higher % rate)
- does any one have any other advice for things to consider in making this decision

PS the costs of early repayment of the mortgage are too punitive for us to consider this an option.

Thanks

Thrugelmir

Mortgage needs to be with same lender, number of sub-accounts doesn't matter. New funding doesn't have to be over same mortgage term or have same settlement date.