Can I have 2 mortgages from different lenders on 1 property?

Noctu

DH & I have a mortgage with Nationwide (old SVR) and would like to move house to a bigger place.

Nationwide will not lend us any more than what we have currently borrowed due to their changes in lending criteria, and they will not accept my type of income (which we need to buy the property we want).

I think I know the answer to this but wanted to ask anyway: Can you port the existing mortgage to a new property and borrow the rest required with another lender? Or do they insist on being the only lender to have a claim on the property should we do a runner?

Many thanks!

Thrugelmir

Second charge lenders will only offer far higher rates of interest than mainstream lenders. Even then the first charge holder has the right of veteo.

If moving isn't a priority. Make the most of the low interest rate you have and save like mad in an ISA. As you'll earn more than this than repaying the mortgage. Use the cash to purchase your next property.