First Direct - Mortgage Port & Top Up

MorganW

My partner and I are looking to move up the housing ladder to a larger property whilst switching our current property to a BTL.

For the new property we will require a 90% LTV mortgage but would like to keep our existing First Direct tracker. Speaking to First Direct they would port the mortgage but would only do it on a 75% LTV basis.

Hence, we are considering taking out a top-up / secured loan with another finance provider for the remaining 15%.

My question is a relatively simple one, given that First Direct will have the first charge on the property has anyone in similar circumstances found that First Direct are unwilling to port where the mortgagee is having to take a further secured loan?

We are also looking at taking out a 90% LTV mortgage with a separate provider but at the moment the combination of the very low tracker rate plus a secured loan repayment is less cashflow intensive.

notanewuser

I believe FD are one of the stricter lenders. Most wont accept a loaned deposit, so I'd be amazed if FD would.

MorganW

I can now answer my own question. Had a discussion with FD today and they confirmed that they do not allow any other charges against the property other than their own.