Moving mortgage sub-account to new provider.

richcow

Hi,

The mortgage for my house currently has two sub-accounts, with one deal ending soon and the other ending in a couple of years.

When the first deal ends, is it possible to move that sub-account to a different mortgage provider, which offers a better deal than my existing provider?

Or do I have to get a new deal with my existing provider for a couple of years and then change provider once both sub-accounts are ending at roughly the same time, thereby bringing the two sub-accounts back together as one new mortgage deal?

I could see there being problems having two mortgages with two providers for one property.

Thanks.

mdori003

Are there early repayment charges on the longer sub account? Otherwise you will be stuck aligning the sub accounts.

Thrugelmir

richcow wrote: »

I could see there being problems having two mortgages with two providers for one property.

Yes. One of the mortgages would have to accept second charge on the property. Mainstream lenders lend on the basis of first charge. Your pool of lenders would be greatly restricted and far more expensive. .