Second Mortgage Fixed term

edited 24 December 2022 at 1:09PM in Mortgages & endowments
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samkmasamkma Forumite
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edited 24 December 2022 at 1:09PM in Mortgages & endowments
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!!

Replies

  • Edi81Edi81 Forumite
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    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). 
  • samkmasamkma Forumite
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    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. 
  • samkmasamkma Forumite
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    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. 
  • Edi81Edi81 Forumite
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    That’s great! Thank you for updating the thread!
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