Remortgage with a Port?

Starjust

Hi all,
Been trying to get my head round something but not quite managing it on my own
Bought our first house just over 2 years ago with a 2 year fix.
Moved to a more expensive property 6 months ago and ported that mortgage across and gained a secondary mortgage with its' own 2 year fix.

Cut to now, our ported mortgage has now dropped to the SVR (which was nice) and we now have 18 months left on our much smaller additional mortgage. Assuming we keep the additional mortgage until the Fix ends (avoiding ERC), are we able to do anything with our "main" mortgage or will it have to stay on the SVR until our other mortgage ends as well?

I'm thinking not as the LTV will be messed up with 2 lenders having a stake in the property.....

Hope it's clear, any help information much appreciated.

Annisele

I'm assuming you only have one lender now, and the "secondary mortgage" is effectively another subaccount on the same first charge mortgage. If that's the case, you can ring your lender up and ask if they have any alternative products for you for the main part of your mortgage loan.

(If you're actually talking about having a second charge loan from a different lender, things might be slightly different - but I dont' think you are).

Starjust

Yes you're right, one lender.
I thought as much, thanks for the advice

Thrugelmir

Mortgages can be made up of any number of smaller sub accounts. The real issue with this is that each sub account could be charged separate product fees every time a change is made. So worth keeping you eye on amalgamating back together in the future. Once the overall balance you owe diminishes.

Starjust

To be honest, the SVR I'm on now is better than any fix anyway. Fingers crossed it stays that way until I can merge them.

Yorkie1

Starjust wrote: »

To be honest, the SVR I'm on now is better than any fix anyway. Fingers crossed it stays that way until I can merge them.

Even if the SVR does become less competitive over the next 18 months until your sub-fix ends, chances are that it won't become so uncompetitive by the end of that period that it will cancel out the gains made at the start of the period.