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Splitting a mortgage over multiple prividers

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We are considering a house move but due to poor credit, our current provider will only allow us to port our existing balance.

This means we either have to pay a hefty early redemption fee and borrow in full from another lender or, due to the size of the fee, look to borrow the remainder we require from another lender.

We have approx 15% deposit and aren't looking to borrow more than is required. Is this possible for a UK residential purchase? The property will not be let, just a straight house move.

Comments

  • lincroft1710
    lincroft1710 Posts: 18,905 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It is doubtful a mortgage provider would want to lend on a property where there was an existing mortgage. A mortgage broker may know otherwise or be able to suggest a viable alternative.

    It may be more sensible to delay moving until your credit score has improved.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • Nasqueron
    Nasqueron Posts: 10,688 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It is doubtful a mortgage provider would want to lend on a property where there was an existing mortgage. A mortgage broker may know otherwise or be able to suggest a viable alternative.

    It may be more sensible to delay moving until your credit score has improved.

    You mean credit record not credit score of course. The score is meaningless and only seen by the end user, no lender judges your worthiness on the fictitious score

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • lincroft1710
    lincroft1710 Posts: 18,905 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Nasqueron wrote: »
    You mean credit record not credit score of course. The score is meaningless and only seen by the end user, no lender judges your worthiness on the fictitious score

    Yes, record not score. The brain doesn't fully function on hot afternoons
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • gozaimasu
    gozaimasu Posts: 860 Forumite
    Part of the Furniture 500 Posts Name Dropper
    If you find a broker they'll be able to find a second charge lender, assuming your existing lender allows second charges.
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