Joint mortgage with two existing owners

justjames77

Hello,

I wondered if anyone could help with a question my partner and I have:

Both my partner and I currently own separate properties. These were purchased at different times, and we have different mortgage providers. Both mortgages are fixed (and because they were purchased at different times) but have different fixed rate periods. So my current fixed term mortgage ends in July 2019 and my partner's ends sometime in 2020.

In the event that we decided to sell both of our flats and, say, buy a house together - for which we would need a joint mortgage - if we were both in the middle of our fixed term mortgages, and and had different mortgage providers, would at least one of us be liable to pay early repayment charges, if we tried to port our mortgages into a new joint mortgage for the new property (with one of the existing mortgage providers)? I'm assuming that whichever mortgage provider one of us left would charge for early repayment?

Thanks for any advice that anyone can offer!

~J

MEM62

In July 2019 the first mortgage will go onto an SVR. At that point start looking for your new house. By time you have found and completed on the new property you should be pretty much at the end of the term on your second mortgage. You might not be able to get the timing perfect but you should be able to get there or thereabouts.

AnotherJoe

justjames77 wrote: »

would at least one of us be liable to pay early repayment charges, if we tried to port our mortgages into a new joint mortgage for the new property (with one of the existing mortgage providers)? I'm assuming that whichever mortgage provider one of us left would charge for early repayment?

Seems to me, yes you would.