Mortgage

Markus_max

Hi

I have a mortgage, and have just noticed i have sub accounts, silly question what are these !??

spadoosh

Sub accounts usually denote separate aspects to your borrowing. Ie you took out a mortgage and then you borrowed more at a later date. So things like different interest rates, terms etc.

Not always the case though, my halifax mortgage had a sub account with no additional borrowing or particularly noticeable altering in terms and conditions. I think it was more to do with how Halifax apportioned my mortgage internally (ie xx was before a certain date and yy was after a certain date).

Markus_max

thanks for the info, im just trying to remortgage at the mo as the interest on my current is 5.2% but finding it hard do on my own, time to get a pro in me thinks !!

ACG

It's really simple. If that is the only issue you do not need a broker. Just add up the balances of all of your accounts with your lender and that is what you need.

Thrugelmir

Markus_max wrote: »

thanks for the info, im just trying to remortgage at the mo as the interest on my current is 5.2% but finding it hard do on my own, time to get a pro in me thinks !!

Have you checked what your current lender will offer you?

Are any of the sub accounts subject to early redemption penalties?