Remortgaging - Porting/Additional Borrowing

jjcale101

Forum newbie here looking for some advice with remortgaging. Let me know if any more info required. 

Current fix is due to expire in June. £320,000 on a 34 yr term. Have been looking around and in touch with brokers about securing a remortgage. 

Hoping to get a bigger/more expensive place within 18 months so assumed I’d have to opt for a tracker to avoid early repayment charges/porting and not ending up on the most competitive rate or ending up having different mortgage pots not aligning. If relevant, only 2 yrs into home ownership. 

One broker said what I can do is opt for a 2 yr fix on my current mortgage - as better rate than trackers. Then when it’s time to move house, I can get the additional borrowing on a tracker rate - less debt than the main mortgage so less interest. Then wait until the 2 yr fix is up and consolidate both pots into one. 

Will I have to get the additional borrrowing (tracker) from the same lender I choose to fix with?

anyone with experience of doing this?

any pros and cons to the above to help make the decision?

thanks in advance 
Joel

amnblog

Yes, any additional borrowing when you move will be with the same Lender.

Pros and Cons are something the broker should outline for you. If a fix then port is their recommendation having discussed with you, then we can assume the Pro's outwegh the Cons in your case

jjcale101

Thanks for your reply. Really appreciate the help. 

So am I right in thinking if I fix now (2 yrs) then look to move in about 12-15 months and get some additional borrowing from lender (tracker). Then when the fix comes to an end, I can consolidate both into one pot and move lender if needed/better rates?