3rd mortgage on 1 property

LouiseAnne90_xo

Hello,
I'm after some advice as I'm struggling to find much else about this sort of situation online.
We moved into our house 3 years ago and in doing so had to take out a second mortgage for the additional borrowing as our existing hadn't ended.
We organised it so that they both end within about a month of each other as we were lead to believe that we could combine them into 1 when both come to an end. However this evening I have found out that that is not the case!
Reason ive found out is because we now want to borrow more to do an extension and it would mean a 3rd mortgage on our house (as still fixed for 2 more years!) and I mentioned it to the guy over the phone who said they would always remain as separate products forever !!
What I want to know is... if when my 2 (maybe 3) products come to an end and I am no longer fixed in, could I lump that all into 1 mortgage with another bank/building society rather than having 2 or 3 forever with this one provider or would it be 2 or 3 even if I switch?
I'm rather disappointed that this has only come to light now, as it potentially means if I ever want to fix them all into the same deal with the same provider that I could end up paying an arrangement fee 2 or 3 times!
:wall:

glosoli

It should really be possible to do all of this with your existing provider, even if they are differing terms it would either just be a term increase or a term decrease with the overall balance amalgamated into one. I would maybe double check that but if that's what they are saying then fair enough.

Out of curiosity who is your existing provider?

If you were to remortgage to another lender, then you could just have everything in one single account if you wanted to, inclusive of the additional borrowing. You would just have to get a redemption figure for each segment of the mortgage.

Farmerbob

Your mortgage is made up of components the main loan and any additional borrowings you have taken, component 2, 3 etc. Once your Main loan is up for renewal and the additional components are not tied in to any deal you can combine them into one product.

But for intensive purposes your loan will be made up of 2/3 parts behind the scenes but all be charged at the same rate once you product switch it all onto one rate. You'll only be charged one product fee if applicable. 👍🏼

Thrugelmir

LouiseAnne90_xo wrote: »

We organised it so that they both end within about a month of each other as we were lead to believe that we could combine them into 1 when both come to an end.

Why not the same date.

Schoolworker

I'm the same have part 1 and part 2 when we moved to this house. Both parts have one deal attached to them is same interest rate and finish near each other. We are about to get part 3 approved for extension works and this will finish at the same time as my other two as we have extended our term out to 13years. My mortgage will always be in 3 parts unless we moved to another lender and it would cost us exit fees. Part 1 and 2 fixed rate ends June 2020 and took out a fixed rate of 5 years for part 3 so it will end aug 2022 - will need to rearrange part and 2 a 2 year deal to try to finish roughly with part 3.

LouiseAnne90_xo

Thrugelmir wrote: »

Why not the same date.

Very difficult when you have a mortgage already to try and get the additional bit to start on the exact same day of the year.

LouiseAnne90_xo

Schoolworker wrote: »

I'm the same have part 1 and part 2 when we moved to this house. Both parts have one deal attached to them is same interest rate and finish near each other. We are about to get part 3 approved for extension works and this will finish at the same time as my other two as we have extended our term out to 13years. My mortgage will always be in 3 parts unless we moved to another lender and it would cost us exit fees. Part 1 and 2 fixed rate ends June 2020 and took out a fixed rate of 5 years for part 3 so it will end aug 2022 - will need to rearrange part and 2 a 2 year deal to try to finish roughly with part 3.

Okay glad to hear it's not rediculous then lol, thanks!

LouiseAnne90_xo

glosoli wrote: »

It should really be possible to do all of this with your existing provider, even if they are differing terms it would either just be a term increase or a term decrease with the overall balance amalgamated into one. I would maybe double check that but if that's what they are saying then fair enough.

Out of curiosity who is your existing provider?

If you were to remortgage to another lender, then you could just have everything in one single account if you wanted to, inclusive of the additional borrowing. You would just have to get a redemption figure for each segment of the mortgage.

It's £6k to exit our current products (£3k for each one)
We're with Nationwide.
I'm hoping if we get the 3rd one with 2 years fixed they'll end close together and it will mean we can actually review other providers rather than just stay with them constantly.