Question - Moving Mortgage Lenders

moz86

If I may tap the fountain of knowledge here please, as google can't give me a clear answer no matter how I phrase it.

I have two mortgages on my main residence.  This is a result of moving 3 years ago, porting our old mortgage which was the balance on our old house and taking out a new mortgage on top.

The original mortgage deal from our old house expires in October this year, the deal on the other much larger mortgage expires in October 2024.

Question:

Can I move just one of the mortgages across to another lender, or will this count as a "second charge mortgage"?
If so, am I correct in assuming we are essentially "trapped" with the same lender (First Direct) until the mortgages can be married up?  My thought was to put the first mortgage onto a tracker for a year then get a deal on them both together next year so it is just one mortgage and can be moved to wherever is the best deal.

If not, can I move that smaller mortgage to another lender and leave the other deal in place with FD?

Anyone had a similar situation. Many thanks in advance.

kingstreet

You have one first charge mortgage split over two sub-accounts.

If you don't want to pay an early repayment penalty on the Oct '24 tranche, you are going to have to keep the Oct 23 tranche with FD. "Normal" mortgage lenders want first charge business only. Any second charge option would be much more expensive even than FD's standard variable rate.

moz86

kingstreet said:

You have one first charge mortgage split over two sub-accounts.

If you don't want to pay an early repayment penalty on the Oct '24 tranche, you are going to have to keep the Oct 23 tranche with FD. "Normal" mortgage lenders want first charge business only. Any second charge option would be much more expensive even than FD's standard variable rate.

Thank you. So stick it out and wait for Oct 24.  That's what I suspected and in the long run will make switching easier.