advice on having two providers

scotty1972

We are thinking about moving house and as I have such a good deal with my current mortgage I have confirmed that this will be transferable to new house with my provider. I am going in today to get a formal offer for another mortgage to make up the differance today which will be on there current terms. What I'd like to know before going in is if I have to borrow from the same provider or can I have two mortgages on one house from differant providers.

Thanks

Scott

kingstreet

You ask the current lender for a new mortgage for the total amount you need. It will port the current rate to the amount of the new mortgage that you currently owe, with the extra bit offered on one if its new products.

You have one mortgage, split into two sub-accounts based on the two different amounts and two different rates, old and new.

You can't have two residential first charges on the same property. You could take a second charge/secured loan, but that would put the rate up and defeat the object of the exercise.