Second Mortgage Fixed term

116 Posts


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 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!!
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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.
Cost me £999 in fees waiting for £150 cash back.