2 part mortgage - can you change lender?

Kieran92

Hi,

My mortgage is in 2 parts due to moving house and borrowing more.

Can you take 1 part to a new lender and leave 1 part with the current lender until the fixed rate ends? Or do I have to stay and try and get both parts back to the same end date or bite the bullet and pay the fee to end one early if it’ll save my more in the long run? 

MWT

Cannot move one part without getting a 2nd charge mortgage, and the interest rates for those will tend to be unappealing...

So yes, it is either staying put, or accepting the ERC and moving both together.

How far apart are the fix end dates on the parts?

amnblog

No, you need to remortgage the whole lot to a new Lender.

As you say, you need to: 

stay and try and get both parts back to the same end date or bite the bullet and pay the fee to end one early if it’ll save more in the long run

Kieran92

MWT said:

Cannot move one part without getting a 2nd charge mortgage, and the interest rates for those will tend to be unappealing...

So yes, it is either staying put, or accepting the ERC and moving both together.

How far apart are the fix end dates on the parts?

One part is November 23 and the other may 24.

MWT

So if you want to realign them with your current lender, or move it all elsewhere without paying the ERC, you have 6 months to endure with the first part on something without an ERC.

Depending upon which lender you are with, you may already be able to lock-in a new product to run from November, so worth checking with your lender to see what they have available for existing customers other than their standard variable rate...