Splitting a mortgage over multiple prividers

Cowellj78
Cowellj78 Posts: 1 Newbie
in Reclaim mortgage fees, council tax, etc
We are considering a house move but due to poor credit, our current provider will only allow us to port our existing balance.

This means we either have to pay a hefty early redemption fee and borrow in full from another lender or, due to the size of the fee, look to borrow the remainder we require from another lender.

We have approx 15% deposit and aren't looking to borrow more than is required. Is this possible for a UK residential purchase? The property will not be let, just a straight house move.

Comments

  • lincroft1710
    lincroft1710 Posts: 17,618 Forumite
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    It is doubtful a mortgage provider would want to lend on a property where there was an existing mortgage. A mortgage broker may know otherwise or be able to suggest a viable alternative.

    It may be more sensible to delay moving until your credit score has improved.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • Nasqueron
    Nasqueron Posts: 8,780 Forumite
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    lincroft1710 wrote: »
    It is doubtful a mortgage provider would want to lend on a property where there was an existing mortgage. A mortgage broker may know otherwise or be able to suggest a viable alternative.

    It may be more sensible to delay moving until your credit score has improved.

    You mean credit record not credit score of course. The score is meaningless and only seen by the end user, no lender judges your worthiness on the fictitious score
  • lincroft1710
    lincroft1710 Posts: 17,618 Forumite
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    Nasqueron wrote: »
    You mean credit record not credit score of course. The score is meaningless and only seen by the end user, no lender judges your worthiness on the fictitious score

    Yes, record not score. The brain doesn't fully function on hot afternoons
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • gozaimasu
    gozaimasu Posts: 860 Forumite
    Name Dropper First Post First Anniversary
    If you find a broker they'll be able to find a second charge lender, assuming your existing lender allows second charges.
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