Second Mortgage Fixed term 24 December 2022 at 1:05PM edited 24 December 2022 at 1:09PM in Mortgages & endowments 4 replies 287 views

samkma

I have a second charge mortgage coming to end of fixed term (3 years)next month with pepper money for 60k, my main mortgage is with Halifax @3.59%. Pepper money has notified me that the variable rate is 9.688%!! My main mortgage fixed term ends in April 2023 (that can be renewed with in the last 90 days) 
I would like to know if.

• I can add this second mortgage to my main one and renew or move to another provider as one lump sum amount?
• or do I borrow more from my existing mortgage and pay off pepper money.
• What are my best options?
• Both are joint mortgages and we are full time employed with good credit rating.
• Want to avoid a broker as last time they charged is £5000 fee and in 3 years I have just repaid the fee!!

Edi81

You may be able to combine the second mortgage into your main mortgage if you have sufficient equity and income. 

Speak to a broker - sounds as though your last broker took you for a ride (unless at the time you had a bad credit history). 

samkma

Edi81 said:

You may be able to combine the second mortgage into your main mortgage if you have sufficient equity and income. 

Speak to a broker - sounds as though your last broker took you for a ride (unless at the time you had a bad credit history). 

Thank you for your input.
I have over £140K equity and only need about 60K.
Its  joint account both wife and I are full time employed.

No I have a good credit history, but was desperate as had an extension work going on and my bank would only pay £35k 
, It was a rip off by freedom finance (brokers) pepper money wanted me to come through a broker. 

samkma

Finally managed to move over my second charge and main mortgage to Barclays Bank @4.41% All completed yesterday.
Cost me £999 in fees waiting for £150 cash back. 

Edi81

That’s great! Thank you for updating the thread!