HELP!!!! - Mortgage has gone SKY High!!!

devonmark

Hi there evrybody,

I have read a few scarey tales on here in the past and have been surprised to see the amount of people that have had or still have the same problem (s), and therefore have some great advice to offer!!!

So i am hoping that someone out there may have or have had this problem and could sujest away out/around it.

My problem as you can tell from the title is my mortgage or to be truthful Mortgage'S.

When i brought my first house 3 years ago i took out a motgage for £87000(ish) fixed for 2 years. 1 year later my other half fell pregnant and we decided we needed a bigger house for the inpending "rug-rat" :eek: . so we took out a top-up mortgage for £60000(ish) fixed for 2 years.

The problem is now that the first mortgage (87k) has now come out of its fixed period and has gone up by nearly £100 pcm. I would like to combine the 2 mortgages into 1 and reduce the payments but i am still tied into the second mortgage (60k) for another year.

Does anyone else out there have any sujestions as to what i can do. these payments are crippling me.!!!!!!!!!!

Thank you

Mark

N9eav

You could still remortgage the 87k mortgage for now into the best deal. The payments should be no less or more if you have 2 separate ones. But combine them in the future. How much is the penalties on the smaller one? Have you tried speaking to the lender of the lower fixed mortgage and see if they can offer a solution that will combine the 2 at a good rate. They may be interested in keeping your custom with that size of loan.

payless

Your timings don't seem to add up- but think I know what you mean

I trust that both mortgages are with the same lender ( legally its only 1 mortgage, with 2 different products)

so you can't remortgage ( more to a new lender) one part without the other ( well there is a way you can, but not at the prices you would want to pay)

Could ask lender for a new deal on the original element ( perhaps wise to not take anything with a tie past the 2nd date- otherwise doing it again next yr!)
otherwise need to move it all to one rate ( wioth either existing or new lender) and take hit on 2nd penalty
( need to number crunch - why not get help)

Did this potental problem not get mentioned when you took the second element