Merging sub accounts

mdori003

Hi all

Just wanted to ask about people's experience of merging sub accounts. Is it something people would generally approach a broker about a few months before going on svr on both accounts?

I ported a small mortgage as well as taking out a larger mortgage with the same lender. My larger account is fixed at a good rate for another 4 years and I'm currently refixing the smaller amount. I've taken the option of a 2 year fix over 3 or 5 years as I plan to take a further 2 year fix afterwards with a view to joining the two mortgages back again in case I want to change lender. I realise I might have to go on svr for a month or two at that point, and may miss out of a better 5 year fix on the sub account given the brexit shaped elephant in the room.

I am doing this in case another lender has much more competitive rates down the line although no current issues with my lender (bank of ireland). I have found that having two sub accounts has been quite nice for hedging my bets (2 year fix and a 5 year fix for example).

I'd be grateful to hear what people thought in general just in case this plan had any huge flaws!

Thanks
M :money:

getmore4less

Which lender?

Size of accounts.

If small then unless combined to make a fee rate better over the fixed term it makes little/no difference and potentially looses flexibility with overpaying.

mdori003

Thanks for the reply

Bank of ireland, sub account 1 = 187 sub account 2 =87

At present the smaller account is also only 14 years from stopping whilst the larger is 24 years so I do like the idea of paying down a significant chunk in a shorter time period.

Overpayment with boi is difficult though, their online system isn't great and overpayments automatically reduce monthly amount rather than shorten term

mdori003

Just giving this a quick bump if anyone has any further advice, thanks.