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New mortgage on previously ported mortgage.
Keano24
Posts: 16 Forumite
Two years ago we bought a new house and ported our existing mortgage over to our new house with a second loan applied for the extra cost of the new house.
So our current situation is:
Mortgage 1: £67,000 fixed til 30/11/20
Mortgage 2: £72,000 fixed til 31/03/21
So our initial thought was combine and remortgage at the end of mortgage 2, 31/03/21 and accept the hit on the increase to SVR for mortgage 1 for four months but the other option is just to renew them both individually when each of their terms are up.
One question regarding that second option is how do they work out LTV on each of the mortgage products? We bought our house for £160,000 at the time at 90% LTV but have added a conservatory. We hope to have our LTV currently at 80% which is easy worked out when calculating this on the combined house value and combined mortgages but how is this done in the current situation with two mortgage products on one house.
Apologies if this is a bit confusing, hope someone with experience will recognise the situation.
So our current situation is:
Mortgage 1: £67,000 fixed til 30/11/20
Mortgage 2: £72,000 fixed til 31/03/21
So our initial thought was combine and remortgage at the end of mortgage 2, 31/03/21 and accept the hit on the increase to SVR for mortgage 1 for four months but the other option is just to renew them both individually when each of their terms are up.
One question regarding that second option is how do they work out LTV on each of the mortgage products? We bought our house for £160,000 at the time at 90% LTV but have added a conservatory. We hope to have our LTV currently at 80% which is easy worked out when calculating this on the combined house value and combined mortgages but how is this done in the current situation with two mortgage products on one house.
Apologies if this is a bit confusing, hope someone with experience will recognise the situation.
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