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Are multi part mortgages normal and can you merge them?
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dhokes
Posts: 332 Forumite


I'm looking to remortgage my current fixed rate mortgage with
Halifax as well as borrow some more to pay off my help to buy equity
loan + borrow some for a new car. HSBC are offering me a multi-part
mortgage, one for the remortgage amount, one for the help to buy equity
loan and one for the additional borrowing.
Is
this normal? Is there any way to merge them to make the admin side of
things easier i.e. if I make an overpayment, which one would it go to?
Also, when my fixed period comes to an end, would it be straightforward
to remortgage or would there be issues with it being multipart?
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Comments
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Perfectly normal. There is only one mortgage charge placed on the property. The loan(s) are no different to any other. Other than that the lender holds the property as security in the event of default.
The biggest issue is normally consolidation, as all will have different product end dates. When remortgaging not an issue as all get repaid.
Ask your lender with regards to overpayments. Some spread , some allowed nominations.0 -
Thrugelmir said:Perfectly normal. There is only one mortgage charge placed on the property. The loan(s) are no different to any other. Other than that the lender holds the property as security in the event of default.
The biggest issue is normally consolidation, as all will have different product end dates. When remortgaging not an issue as all get repaid.
Ask your lender with regards to overpayments. Some spread , some allowed nominations.
I'm opting to reduce my current mortgage term slightly so its rounded to a full year so all three parts should have the same end date.
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