Can you use 2 mortgages on one house?

tom0407

Hi,

Can anyone tell me if it's possible to combine 2 mortgages on the one property? We have 2 mortgages at the moment on 2 properties, but we are looking to sell them both and would like to use both mortgages on a new property. Is this sort of thing possible? I know it's possible to 'port' a mortgage over to a new property, but I guess we want to port both our mortgages on to one new property.

Thanks for the advice

Tiddler_2

If the mortgages you have are High Street lenders then the answer is "NO", the reason being that they want the 1st charge on your property (i.e if the property is repossessed and sold they get their money back first).

To be honest I don't know of any lenders who would do it but some of the more obscure lenders might (if they are still lending at all in the current climate)

ginvzt

You can get two separate mortgage with the same lender on the same house... Maybe it would be a possibility to move one of the mortgages to the lender of the other?

( I am not a mortgage adviser, but that is what I was told by Nationwide...)

MarkyMarkD

In practice, no.

If the reason you want to do it is because you are tied in on both of the existing mortgages, you will have to pay the ERC on the lower one and put up with it.

(Or possibly the higher one, if the other one is a better product to be on).

Fugitive

I've got 2/3 of my mortgage as a repayment and the other third as interest only from the same lender.

So yes, you can !

_Andy_

Fugitive wrote: »

I've got 2/3 of my mortgage as a repayment and the other third as interest only from the same lender.

So yes, you can !

That's not what the OP is wanting to do.