Moving house...

jpfrost

I am just coming to the end of my fixed rate mortgages and thinking about getting a new rate.

However, it has just occurred to me that I may have been misled out of around £5000 - unfortunately i didn't think of this earlier!

When I moved house in 2010, I took out an additional mortgage on my mortgage company's recommendation even though I asked for a new single mortgage.

So, I now have 2 mortgages on my house. Every two years for the past 10 years I have re-fixed both mortgages at the lowest rate -but it has now occurred to me that I have been paying a £999 fee for both accounts whereas if I had been offered a single account then I would be £5000 better off now!

Is this just a case of 'tough luck' or is there anything I can do about this?

Regards

kingstreet

You don't have two mortgages, you have one mortgage split into sub-accounts which represent different amounts of borrowing at different times.

Presumably, at some point you could choose to port the rate from an existing mortgage to a new mortgage taking increased borrowing on one of your lender's current products; or pay any early repayment charges (ERC) on the product to take a new mortgage with this or another lender with the whole amount borrowed on a new rate?

Only you can tell us what happened in the past and if the ERC avoided was higher or lower than the additional cost you have endured since...?

As far as the fees go, are you sure you paid a fee on each sub-account? Usually there is a separate sub-account created for fees and you would usually only choose a product with a fee on the larger tranche of borrowing...

Last question - did you ask for advice, or did you choose products off your own bat?