2 mortgages with different companies ??

Dukes_of_hazard

Hi

I currently have a mortgage with Nationwide that is split into 2 separate deals. these deals come to an end about a year apart.
When one of my two deals come to an end in July next year is it possible to get that part of the mortgage with a different lender or am I stuck simply getting the best deal nationwide can offer.

Hope you understood that rubbish description !!

ic

I would seriously doubt you'd be able to go with a different provider. The issue for them is that if you were unable to pay your mortgage, or one of your mortgages - how do they recoup the cost? I'm sure my own mortgage has a bit on it that says that no other company can secure a loan against my house.

I would have thought your options are:
- allow the half that is coming up stay on Nationwide's SVR.
- look at remortgaging the whole lot and paying off the second deal that is still running early.
- renew the half that is coming up on a current nationwide deal.

I guess it depends how paying SVR compares to paying any early repayment fees, and how Nationwide's current deals compare with the rest of the market.

herbiesjp

You can get another secured loan on the property, however these are not from high street names on high street rates.

Your best bet will be to get a new deal with nationwide - you could try and go for a deal with no penalties at any time, so that just as soon as the second deal expires, you can eithe rmove all of the amount onto the 1 rate with them, or if need be, move to a new lender completely