Can I have a mortgage product with more than one provider?

Happypuppy1

I have a mortgage that is split into 3 sub accounts as a result of moving house and porting my previous mortgage.  That part of my mortgage is soon up for renewal and I’m wondering whether I can move that part of the mortgage to another provider as I’ve seen better rates elsewhere or if I’m locked into my current provider until the other term completes (which is a very long time!)

Emmia

I think this would cause problems if you defaulted on the mortgage you have with provider A, they would find it difficult to do a repossession if you were up to date with provider B. 

I can see this could be a wheeze to prevent repossession - take out a tiny mortgage with a different provider to your main loan, stop paying the main loan and then avoid repossession via payments to the smaller mortgage.

It's not possible to partially repossess (and sell) a property, so I'd expect lenders to not want to do this.

MWT

Happypuppy1 said:

I have a mortgage that is split into 3 sub accounts as a result of moving house and porting my previous mortgage.  That part of my mortgage is soon up for renewal and I’m wondering whether I can move that part of the mortgage to another provider...

No, it is all or nothing if you want to remortgage elsewhere.

Yorkie1

It's a condition of mortgages that the lender has first charge on the property. This wouldn't be possible for a subsequent lender, so they wouldn't lend.

MWT

Yorkie1 said:

It's a condition of mortgages that the lender has first charge on the property. This wouldn't be possible for a subsequent lender, so they wouldn't lend.

You can get a 2nd mortgage, but the interest rates reflect the lack of the first charge...