2 Mortgages into 1

tomfisher1990

We recently bought a house in Feb 2021 and to do so, we ported our mortgage from previous property and topped up with another mortgage, both with Nationwide. We have done extensive updating to our current property and our house is worth more than what we bought it for and we will have far more equity in the property. My questions are, can I pay EPC on both mortgages and then condense into one? I think this will reduce monthly payments by £200/£250 per month? Can you add EPC onto mortgage if with the same provider?

1st mortgage - 5 year fixed till June 2023
2nd mortgage - 2 year fixed until Feb 2023

getmore4less

You need to crunch the numbers to see if this will be financially beneficial.

That needs rates amounts to model the current situation
Then new LTV to see what the new rate would be

Then to do the numbers more accurately your planned/actual payment

Don't forget the ERC will drop in Feb and June.

the ERC rates changed 1Feb 2021.

For the add on I think it goes from 1.5% to 0.75% Feb 2022 so you have 4-5 months to recover that with a lower rate.

For the ported bit it probably 2% to 1% in June 2022 need to recover it in 8-9 months

Depending on the total you may also need to factor in product fee.