Quick Re-Mortgage Question

Prosaic

I've had my discounted variable mortgage with Abbey for 5 years now. I moved a couple of months ago and borrowed some additional money

However both loans are now running at slightly differing rates and Loan 1's discounted period is up in August

Loan 1 needs to be re-negotiated in 2 months time. Loan 2 at its current rate for 3 years yet

Can I re-mortgage Loan 1 elsewhere to get a better deal and leave Loan 2 with abbey since taking both parts of it incurs big exit fees

thanks for any comments

JoeK_3

Is loan 2 a secured loan or a further advance?

If it's a further advance it will be part of the original mortgage and both will need to be paid off if you move the mortgage.

If loan 2 is a secured loan, you could move the mortgage to another lender, providing the loan people are willing to postpone the loan during the remortgage period.

I assume that you are worried about a potential redemption penalty on loan 2?

JoeK