Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Cowellj78
    • By Cowellj78 6th Jul 18, 8:00 PM
    • 1Posts
    • 0Thanks
    Cowellj78
    Splitting a mortgage over multiple prividers
    • #1
    • 6th Jul 18, 8:00 PM
    Splitting a mortgage over multiple prividers 6th Jul 18 at 8:00 PM
    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.
Page 1
    • lincroft1710
    • By lincroft1710 7th Jul 18, 3:27 PM
    • 10,801 Posts
    • 9,065 Thanks
    lincroft1710
    • #2
    • 7th Jul 18, 3:27 PM
    • #2
    • 7th Jul 18, 3:27 PM
    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.
    • Nasqueron
    • By Nasqueron 7th Jul 18, 3:42 PM
    • 4,973 Posts
    • 3,013 Thanks
    Nasqueron
    • #3
    • 7th Jul 18, 3:42 PM
    • #3
    • 7th Jul 18, 3:42 PM
    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.
    Originally posted by lincroft1710
    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
    • By lincroft1710 7th Jul 18, 6:27 PM
    • 10,801 Posts
    • 9,065 Thanks
    lincroft1710
    • #4
    • 7th Jul 18, 6:27 PM
    • #4
    • 7th Jul 18, 6:27 PM
    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
    Originally posted by Nasqueron
    Yes, record not score. The brain doesn't fully function on hot afternoons
    • gozaimasu
    • By gozaimasu 7th Jul 18, 6:32 PM
    • 442 Posts
    • 1,893 Thanks
    gozaimasu
    • #5
    • 7th Jul 18, 6:32 PM
    • #5
    • 7th Jul 18, 6:32 PM
    If you find a broker they'll be able to find a second charge lender, assuming your existing lender allows second charges.
    Forum etiquette - Be nice to all moneysavers.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,294Posts Today

6,240Users online

Martin's Twitter