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@.

    • Miles2018
    • By Miles2018 6th Aug 18, 8:36 PM
    • 10Posts
    • 4Thanks
    2 charges one house
    • #1
    • 6th Aug 18, 8:36 PM
    2 charges one house 6th Aug 18 at 8:36 PM
    I am porting my mortgage to my new house, I was 6 months into my 2 year fixed rate deal when I got my mortgage offer, my completing date will be later this year so i'll have around 1 year left.
    The bank have said the best option is to take out a second charge on the extra borrowing, the best deal was a 5 year fix, this will leave me with 1 mortgage with 1 year fixed and 1 with 5 years fixed. What happens when the original mortgage deal ends and it reverts back to the banks standard rate, will they let me pick a new deal for the original amount or will it stay at their standard rate until the 2nd charge is out of it's fixed period?
Page 1
    • TrickyDicky101
    • By TrickyDicky101 6th Aug 18, 8:55 PM
    • 3,259 Posts
    • 2,152 Thanks
    • #2
    • 6th Aug 18, 8:55 PM
    • #2
    • 6th Aug 18, 8:55 PM
    You won't have a second charge - you will have a single charge (mortgage) with two sub-accounts. Second Charge has a specific legal meaning that does not apply here.

    When your ported rate expires you should be able to take one of your lender's customer retention products out on whatever balance is left (on your ported balance) - so no, you should not be stuck on the SVR.
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

94Posts Today

2,356Users online

Martin's Twitter