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Two mortgages
Options
Comments
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At the moment the rates are the same 2.5% variable
We have another 160k to pay0 -
At the moment the rates are the same 2.5% variable
We have another 160k to pay
So you have another £160,000 of debt on top of the £190,000 for the two mortgages, or is £160,000 the equity in your current house?"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
No sorry,I'm confusing things here
Both outstanding mortgages are 160k in total.the property value is 320k0 -
No sorry,I'm confusing things here
Both outstanding mortgages are 160k in total.the property value is 320k
I thought you said that one debt was £80K and the other is £110K.
I think you should get a copy of your current statements and seek out a broker, they will be able to help you achieve the cheapest options as you seem to have enough equity to play with."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
If your lender has customer retention products, you should be able to choose a product for a 50% loan to value and have it applied to both sub-accounts, so the full amount of your mortgage is on the same rate.
If you are asking why your lender can't have one mortgage with one account, it's probably because of how the port had to be administered.
If you remortgage, you'll have one mortgage and one account for the whole amount you owe with the new lender.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yes, that's what their original value was.
Thanks for the advice��0 -
Why do you care if they are both the same rate?0
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Foxy-Stoat wrote: »I thought you said that one debt was £80K and the other is £110K.
The way I read it, £80k and £110k were starting values, and they've since paid £30k off one or both, leaving them with £160 total debt
If they're the same rate it makes very little difference to you right now.
If you remortgage then move to a different company and borrow the combined amount (ie £160k) as a single sum and pay off both of your accounts at the current lender, that way you only have one to deal with."You did not pull yourself up by your bootstraps. You were lucky enough to come of age at a time when housing was cheap, welfare was generous, and inflation was high enough to wipe out any debts you acquired. I’m pleased for you, but please stop being so unbearably smug about it."0 -
19 posts and I still don't see what the problem is?
£160,000 on a 2.5% rate.
£xxx under one reference number on a 2.5% rate and £xxx under another reference number on the same rate.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes, the rate is 2.5% variable and as we all know won't be for long,0
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