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5 mortgages for 1 property
Jmgasparin
Posts: 18 Forumite
Hi, I currently have 4 mortgages (91.5, 74.6, 9 and 5.8k) with a deal expiring in Dec 2024 and an additional mortgage of 9.3k expiring in June 2027.
Is there a way to consolidate at least the first 4 that have the same term and interest rate? Lender is Nationwide
Thanks
Is there a way to consolidate at least the first 4 that have the same term and interest rate? Lender is Nationwide
Thanks
0
Comments
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Only if you were to switch lender, you would have an ERC on the 9.3k,at 4% it would be around £350 I am guessing.
You can switch all 3 products to a new product at the same time. I am not sure how it would work with fees (if there are fees on the product you select). When I worked for co-op bank, we could manually remove 2 of the fees in cases like this.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
ERC on the 9.3k is £290 and rate is 2.59 until July 2027. Would nationwide allow me to keep this mortgage with them if I were to swap the other 4 products to another lender? Reason to consolidate would be to avoid 4 x £999 product fees every time I have to renew the deal.ACG said:Only if you were to switch lender, you would have an ERC on the 9.3k,at 4% it would be around £350 I am guessing.
You can switch all 3 products to a new product at the same time. I am not sure how it would work with fees (if there are fees on the product you select). When I worked for co-op bank, we could manually remove 2 of the fees in cases like this.1 -
You cant move part to a new lender.You have one mortgage with 5 sub accounts at different rates.2
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No.Jmgasparin said:
ERC on the 9.3k is £290 and rate is 2.59 until July 2027. Would nationwide allow me to keep this mortgage with them if I were to swap the other 4 products to another lender? Reason to consolidate would be to avoid 4 x £999 product fees every time I have to renew the deal.ACG said:Only if you were to switch lender, you would have an ERC on the 9.3k,at 4% it would be around £350 I am guessing.
You can switch all 3 products to a new product at the same time. I am not sure how it would work with fees (if there are fees on the product you select). When I worked for co-op bank, we could manually remove 2 of the fees in cases like this.
You technically only have one mortgage. It is just split on nationwides system as:
5.
5.1
5.2
5.3
You have to take none or all.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.2
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