Keep small offset mortgage AND get new fixed as well?

rooo

I'll be remortgaging in May and am wondering if this is possible.

Basically, I've had a very good experience with First Direct, but their mortgage rates, evern at around a 40% LTV aren't very good.

I'd ideally like to keep our existing offset mortgage with them but reduce it to around £20k to fund an extension, and pay the balance off with a new (more competitive) fixed rate mortgage with another lender.

Is is possible to have two mortgages with different lenders?

kingstreet

No. There can only be one first charge on a property and FD have yours.

You could get a secured loan on a second charge basis, but this would be at a higher rate, not at the first charge rates you are likely to be wanting.

You either stay with your existing lender and get further borrowing on one of its products for that purpose, or you remortgage and raise all the money you need with a new lender and pay off FD in the process.

rooo

Okay, thanks. Decisions, decisions then!