2 fixed mortgages - best option when rate ends?

olibrofiz

Advice please, I've probably not thought this through and this'll be a daft question .

When I moved house in June 07 i needed a mortgage of £50K. I had a fixed rate mortgage with Halifax for £45K over 5 years which I'd been paying for about one and a half years and they agreed to transfer that to my new property and gave me £5K on a two year fixed rate to top it up. The £5K rate is due to expire in Jun 2009 and the £45K rate in May 2010.

At the moment I'm trying to get my credit cards paid off (£3400) and I have a loan (£240pm) which will be paid off in Oct 2009.

I'm thinking that when my loans paid off it'd be financially better for me in the long term to take out another loan to pay off what's left on the £5K bit - rather than changing to a fixed rate on the combined amount left on the two?

olibrofiz

I'm answerin me own question here Bit dangerous as I'm totally useless at finances.

Thinking it over after I originally posted I guess it would be better to take out a loan to pay off the small morgage in October 2009. If the two amounts were combined into one morgage I wouldn't have this opportunity. And I might have trouble remorgaging somewhere down the line as I think I'm on about 4 x salary at the mo. Just wondered if it was a financially sound idea tho.