1 Property - 2 Mortgages - 2 Lenders?

Nikeze72

Would really like some info on this, please.  Had a good search online but can't find anything that closes it for me.
I recently moved, and stayed with Nationwide BS with a 2nd mortgage top up for the additional cost of the new house.  Therefore two mortgages on 1 property, through 1 lender.
One of the mortgage deals ends soon and I wanted to go Interest Only on a new 2 year deal.
Question is, for the new 2 year deal I'm looking for, can I go to an another lender for this, or do I have to stay with Nationwide?
It's especially frustrating as I'd be happy top stay with Nationwide, but they now don't do interest only remortgage deals!!!
Any info would be great.

Thrugelmir

One property - One Mortgage - 2 Sub Accounts 
The mortgage charge covers all the loan accounts you have with the NW. Whether it's one or 10. 
If the NW doesnt offer what you require then you'll need to remortgage elsewhere. 

[Deleted User]

You can go to a new 2nd charge lender.  

Most of the high Street lenders are first charge lenders so you can't use them

2nd charge lenders tend to be more expensive, higher fees, but can offer things that mainstream lenders can't (higher affordability or interest only being a couple of examples) 

Whats_your_forte

Nothing in your post gives any rational for going Interest Only so I personally would be speaking to your current lender about increasing your mortgage term if wanting to keep your payments down.

A longer term and staying with the Nationwide might be cheaper than a 2nd charge lender. Plus not many 2nd charge providers will do this without something to back the reason why you've gone Interest Only (apart from lower payments)

foxy-stoat

Nikeze72 said:

I wanted to go Interest Only on a new 2 year deal.

Obvious answer is, you can't always get what you want.

The only reason for going interest only is to lower your monthly repayments.  You will need a repayment vehicle anyway so doesn't seem to be worth it in the long run.....having seen many posts on here from folk coming to the end of their interest only mortgage, how do I settle the outstanding amount with no repayment vehicle?