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    • tommypembers
    • By tommypembers 15th May 18, 9:06 AM
    • 2Posts
    • 1Thanks
    Remortgaging with two loan parts.
    • #1
    • 15th May 18, 9:06 AM
    Remortgaging with two loan parts. 15th May 18 at 9:06 AM
    Last year i moved house and my current mortgage of 300,000 consists of two parts both with the same lender. 100,000 is on a fixed rate product that expires in 2020, this mortgage was taken out when i was in my previous house. The 200,000 was the extra i needed to borrow to buy my new property, this is on a low rate tracker that expires 2019.

    I'm conscious that interest rates could rise in the near future and due to this would like to move the 200,000 tracker to a fixed rate. I'm able to move my 200,000 without any charges however the fixed rates offered by my current provider aren't that attractive.

    Can i move the 200,000 to a different lender who is offering a better fixed rate? Means i would then have two fixed rate mortgages for the same property across different lenders.

Page 1
    • Mortgage_Adviser
    • By Mortgage_Adviser 15th May 18, 10:37 AM
    • 125 Posts
    • 46 Thanks
    • #2
    • 15th May 18, 10:37 AM
    • #2
    • 15th May 18, 10:37 AM
    You can get a second charge mortgage and repay 200,000 with it. However the rate is not likely to be any good.
    Can you fix it with your current lender?
    • tommypembers
    • By tommypembers 15th May 18, 11:04 AM
    • 2 Posts
    • 1 Thanks
    • #3
    • 15th May 18, 11:04 AM
    • #3
    • 15th May 18, 11:04 AM
    Yes, i can move the 200,000 to a fixed product with my current lender at a rate of 2.49% for 5 years.

    Using a comparison site I see that there are fixed rate products from other lenders for 5 years at 1.99%.

    So my preference would be to change lender however i'm not sure if that is possible given that i'm fixed in with my current lender with the 100,000.
    • kingstreet
    • By kingstreet 15th May 18, 11:26 AM
    • 33,367 Posts
    • 18,052 Thanks
    • #4
    • 15th May 18, 11:26 AM
    • #4
    • 15th May 18, 11:26 AM
    It may be possible.

    You'll have to pay any early repayment charges which apply to unify the two sub accounts with a new lender.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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