moving mortgage with unsecured loan

deefadog

Hi,

I have a mortgage with first direct and also i had an extra small amount for home improvement which is taken as a separate amount along with my mortgage. I am unsure what this is called, is it an unsecured mortgage loan?

if i switched providers with these two loans be combined into the new mortgage? both amounts added up i still have an LTV of 44%.

Any help much appreciated.

MortgageMamma

Without seeing a copy of the contract for the additional amount its not really possible to say, you would be better calling first direct and asking them to explain it.


You need to do that before you talk to other providers as you will then know what amount to ask a new provider for. If you tell first direct you are thinking of leaving they will most likely offer you a retention product. Make sure you establish if your products with first direct have early repayment charges before you make any decisions.

deefadog

Thanks, MortgageMamma.

I will give them a call later when i finish work.

I do know that the extra amount we had was an equity release loan. and we are on the standard rate so i don't think there are any early repayment charges, but i will check.

deefadog

Spoke (Eventually, their phone service seems understaffed at times) to them and It would basically be added together to the new lender as a final settlement.

Thanks for the help!