Two mortgages on one property

NOVASTAR

Good Morning all.
I wonder if anyone has had a scenario/advice on the following?
I am in the process of selling my flat which I have a mortgage of 38k (fixed rate until 2011). I know that I will have to pay the ERF and I am aware that I can transfer this mortgage to another property as long as it is within 6 months and get the ERF refunded. It is in my sole name.
I am buying a property with my partner, but we will need to borrow an additional amount, making the total amount of borrowing up to 90k - I presume on a separate mortgage/rate for 52K.
What we ideally would like to do is transfer the outstanding mortgage over and put it into both names and then take out a mortgage up to the higher amount also in both names.
Has anyone done the same?
Thanks in advance.

apk1

It should be possible although you will have to use your existing lender, but presumably the penalty would be too high to move lender ? Check the terms of the penalty refund, some lenders do it pro-rata depending on the time before the new mtg is completed.

NOVASTAR

Thanks for this apk1.
The ERF work out at £1500 as i have still got 48 months left to run on the existing mortgage, but with the rate set at 4.79%, you can see why i am keen to transfer it over and also get the ERF refunded back!!