Cost efficient merging or two mortgages on the same property

malkor1333

Hello,

We have moved to the bigger house and ported our mortgage with Nationwide.
This has resulted in having two mortgages:
1) 260K (1.44%) 2y fixed ending Feb 2020
2) 210K (1.89%) 2y fixed ending July 2020

Is it worth trying to speak to the mortgage provider and ask if they can propose some 'deal' and provide solution to merge the two products?
I see the most straight forward option is to pay the standard rate on 1) until July and remortgage as 1 product (but that comes to around £1.5k in interest)
Both products has 1% ERC at this point so that's not an option either.

Any suggestions would be great, thank you in advance!

Thrugelmir

What are you hoping to gain by merging the separate loan accounts.

malkor1333

@Thrugelmir - the way i see it i would need to pay a product fee on each every time i remortgage (2-3 years) without going for the 'free' products with unfavourable interest, correct me if im wrong please.
also since those split my current property in half i think it ties me to this mortgage provider until i can consolidate into one?

Edi81

Go on a tracker for the months in between. Then decide whether to remortgage to another provider.

[Deleted User]

With Nationwide, assuming you are on 'current' terms, you can pick a new internal product 3 months prior to expiry, without paying any ERCs. So the time between the two would be minimal if you make full use of the 3 month window.

As above you could always go for a tracker for part 1 (assuming fee free), then come April (ish) look to consolidate the lot with Nationwide (or elsewhere - but the July end date must be adhered to if transferring away, to avoid ERCs)

malkor1333

tracker mortgage seem to be the best option, I didn't do my research and I wasn't aware those don't have ERC. Thank you all!