Do I really need to have 3 mortgages?

Filthy_Rich_and_Catflap

Hi everyone,
I have two mortgages with the nationwide and need to borrow more (£35k) to buy out my ex from the property. Nationwide will offer me a third mortgage but I wondered whether it might be better to try to consolidate into a single mortgage with a different provider. My existing products expire in October and December, so I would incur redemption penalties to pay off the existing mortgages.
Thanks
Rich

dimbo61

If your existing Lender Nationwide is happy to lend you the extra amount needed to pay your EX the lump sum you can always remortgage in a couple of months to another lender once the ERC finish.
What kind of deal are they offering you ?
A full remortgage may work out cheaper in the long run and finding a good mortgage broker may well help with the new MMR rules.
Your EX may want the money asap !

dimbo61

You have one mortgage with Nationwide ( unless you own two properties ?)
It happens to be in two parts original mortgage and extra borrowing !