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Remortgage, but keep mortgage in 2 pieces?
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Posts: 81 Forumite
I have a mortgage with Abbey, that will be coming to the end of its benefits period in December. The mortage is split into three parts as follows:
1) 90,000 IO will be at BOE + 1% from December
2) 20,000 Repayment, rate as above
3) 60,000 Repayment rate as above.
We are thinking of downsizing next year, and would want to port 110K to new property and pay off the 60k. If we remortgage to a new lender, can we keep the mortgage split, otherwise I fear we will have to pay early settlement on whole 170k mortgage.
The other option would be to take a short 2 year fix / tracker deal without overhang, and when (if) we move, place the 60k into savings until the end of the deal.
Any thoughts / comments.
1) 90,000 IO will be at BOE + 1% from December
2) 20,000 Repayment, rate as above
3) 60,000 Repayment rate as above.
We are thinking of downsizing next year, and would want to port 110K to new property and pay off the 60k. If we remortgage to a new lender, can we keep the mortgage split, otherwise I fear we will have to pay early settlement on whole 170k mortgage.
The other option would be to take a short 2 year fix / tracker deal without overhang, and when (if) we move, place the 60k into savings until the end of the deal.
Any thoughts / comments.
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