Two mortgages

Sasha36

Hi all,I was just wondering if you could help with the following:
We have two mortgages with our bank. We didn't buy new house just have unpaid mortgage on the old house. Our bank doesn't allow us to consolidate these two mortgages. Do you know whether there are any lenders who are willing to bring both of our mortgages under one single mortgage?

Many thanks

Foxy-Stoat_3

Put up some figures, as your post doesnt make alot of sense.

How did you get the second mortgage without securing it on a property?

TrickyDicky101

Do you continue to own the old house? If not, then you do not have a mortgage on it - rather you have an unsecured debt.

How much are your debts (please list them) and what is your current house worth, and who is your current lender. Ages and income also.

missis_amber

Mortgage 1. "Old" house. So you own this property? Is it a BTL or just vacant?
Mortgage 2. "New" house. You didn't buy it? So how do you have a mortgage on it?

Sasha36

Sorry guys obviously I haven't explained this properly....we sold our house and had an outstanding mortgage on it, which we brought with us. When we bought the new house we were unable to consolidate the old mortgage with the new one we took from the bank. So now we have two separate mortgages. I hope this makes sense

Foxy-Stoat_3

You have a mortgage and unsecured loan then, like Tricky suggested.

What are the numbers and length of term?

You need to work out if its worth consolidating the debt and how much it will cost you/save if you do.

kingstreet

Nah. It's one mortgage, two sub-accounts.

One for the ported rate from the old mortgage and one for the new rate for the increased borrowing.

Lenders tell people they will take one mortgage with them when they move and have another, leading them to believe what the OP is suggesting.

OP - when your current mortgage products expire, you should be able to ask your lender for a customer retention product (ie a new rate) which can be applied to both sub accounts so it won't matter that they are separate.

Sasha36

Yes, the previous mortgage was lower than the new one we took (it was "ported") and the second one topped that up.
I don't understand why the bank couldn't (or wouldn't) merge these products into one!

Foxy-Stoat_3

Maybe that would push your LTV too high for the rates they could offer you.

Have asked a couple of times about the numbers...... so I would just live with it.

Sasha36

Sorry Foxy-Stoat,
The first mortgage was for 80k and the second one for 110k

Foxy-Stoat_3

So total you have £190,000 mortgage at different rates.

No one will be able to steer you one way or the other without knowing the rates and what your property is worth.

No need to apologise though.