Two Mortgages - One Property

pollyanna24

I have two mortgage on my house (got a second mortgage in order to buy my brother out).

Is it possible to have the mortgages with two different lenders?

One of my mortgages is fixed till 2021, but the other has not limitations on it.

kingstreet

You can have only one first charge mortgage. These are what high street lenders base their lending on.

You can then have a second charge loan, or secured loan from a third party lender but the rate will be higher.

When you say you have two mortgages, are you describing the above or is your first mortgage with one lender split into two sub-accounts to reflect different borrowing at different times?

pollyanna24

Thank you for your answer.

I'm guessing it's the latter.

When I went to buy my brother out, I didn't want to consolidate the "extra borrowing" into one mortgage as I liked my "1st mortgage." 2% above base rate and ability to borrow back any overpayments.

So now I have one mortgage as above which was the original mortgage that I took out in 2006 when I bought the property (currently 2.25%) and

A second mortgage fixed for 5 years at 2.34%.

Two separate amounts come out each month and I have two mortgage account on my internet banking.

So if I wanted to change lender, I'm guessing it would have to be for the total amount of the two mortgages?

glosoli

Yes you would have to remortgage the whole lot.