Best Mortgage for Short Period

Westyuk_3

I currently have a mortgage on 2 yr fixed which expires in September. I am moving house and need to borrow another £32k. As my 2yr fixed has a £600 early redemption clause and is at 4.39% i want it to run until September.

Can anyone advise me on the best mortgage i can get until September. Im after £32k for about 6months. Then i will re-mortgage both the mortgages.

I guess im after a cheap Standard variable rate or something that has no tie ins.

Can anyone recommend a short term deal ?

Thanks
Westyuk

silvercar

You can't easily have two mortgages from two different lenders secured on one property. You need to move your existing mortgage to the new property and take the extra £32k from the same lender, preferably on a deal with no redemptions. Then in September move the whole lot together.

MarkyMarkD

Indeed. You can't do it the way you propose; you have to do it the way Silvercar proposes.

Most lenders will let you have a top-up product without any penalties, if you are porting the rest of your mortgage, but probably (like you suggest) at a relatively high rate. As we're only going to be talking about a few months on £23k it isn't that important what the rate is IMHO.

Andrew - the OP doesn't need a further advance but a porting top-up.

Westyuk_3

Thanks all, I thought as I was going to the SVR i could shop around for the best deal. Guess im tied to my original lender after all !