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    • Bobby Peel
    • By Bobby Peel 7th Aug 18, 7:41 PM
    • 14Posts
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    Bobby Peel
    Current mortgages due to run out
    • #1
    • 7th Aug 18, 7:41 PM
    Current mortgages due to run out 7th Aug 18 at 7:41 PM
    Hi,

    Just after some advice before I go to Nationwide and they don't try to fob me off with something else.

    I have a mortgage and remortgage which are both to end around October 2018.

    Mortgage Balance : 86,765.93 - 3.09 % - Agreed redemption date November 2041

    Remortgage Balance: 28,417.01 - 1.89 % - Agreed redemption date November 2041

    Would it be possible to:
    • Merge these two mortgages with Nationwide or go elsewhere with another lender?
    • Will this benefit me at all or should I keep the two as one is a lower interest

    Thanks
Page 1
    • sparkey1
    • By sparkey1 7th Aug 18, 10:03 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    • #2
    • 7th Aug 18, 10:03 PM
    • #2
    • 7th Aug 18, 10:03 PM
    Can I just check, do you make one payment or two for the mortgages? Are they against the same property. If the same, you might be able to agree a new deal covering the full amount of both but at a cheaper overall rate.

    We had 4 deals with a mortgage lender, (Original Loan, Loft loan, extension loan, fee account) but they took one payment per month and allocated. When we wanted to overpay, they would up the direct debit, but allocate the surplus to the mortgage of our choice. Do Nationwide do the same perhaps?
    • Thrugelmir
    • By Thrugelmir 7th Aug 18, 10:07 PM
    • 61,295 Posts
    • 54,541 Thanks
    Thrugelmir
    • #3
    • 7th Aug 18, 10:07 PM
    • #3
    • 7th Aug 18, 10:07 PM
    Once both accounts are on the Variable Rate. Then they can be merged together into one product.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Bobby Peel
    • By Bobby Peel 8th Aug 18, 8:06 AM
    • 14 Posts
    • 0 Thanks
    Bobby Peel
    • #4
    • 8th Aug 18, 8:06 AM
    • #4
    • 8th Aug 18, 8:06 AM
    Thanks for the replies.

    I make two payments. One of £435 and another of £125 and both on the same property.

    Thanks
    • Goldust
    • By Goldust 8th Aug 18, 1:38 PM
    • 432 Posts
    • 107 Thanks
    Goldust
    • #5
    • 8th Aug 18, 1:38 PM
    • #5
    • 8th Aug 18, 1:38 PM
    I'm interested in answers to this as I'm in an early repayment charge period on my current mortgage until the end of March and am considering moving house or remortgaging to carry out an extension / renovation.


    I'd want to merge at some point in the future so need to time it as you are doing now. Bank of Ireland have told me I can't move one to another lender only both so my concern is I end up stuck with them.



    Good luck!
    • sparkey1
    • By sparkey1 8th Aug 18, 8:26 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    • #6
    • 8th Aug 18, 8:26 PM
    • #6
    • 8th Aug 18, 8:26 PM
    Goldust


    Do you have 2 mortgages with have different end dates, but secured against the one property.


    So you would have to pay them off on the same day, and take out a new mortgage with another provider.


    If you cant do that, ie because of fees etc, maybe you could overpay a little and target it against the most expensive debt.
    • Bobby Peel
    • By Bobby Peel 9th Aug 18, 8:18 AM
    • 14 Posts
    • 0 Thanks
    Bobby Peel
    • #7
    • 9th Aug 18, 8:18 AM
    • #7
    • 9th Aug 18, 8:18 AM
    Nationwide replied:

    You are in your 90 days period when your deal is coming to the end.
    We cannot merge these two mortgages, but you can review them at the same time and put in the same products which means they can finish in the same time- still having two payments.


    I wonder if its cause I am on a fixed rate they wont allow them to be merged.
    • getmore4less
    • By getmore4less 9th Aug 18, 10:56 AM
    • 33,598 Posts
    • 20,327 Thanks
    getmore4less
    • #8
    • 9th Aug 18, 10:56 AM
    • #8
    • 9th Aug 18, 10:56 AM
    AS long as you get the right rate on both bits then there is no need to bother merging.

    In fact it is better to keep them separate as it gives you option to have them on different terms.

    eg. you could have the big one on 5 years and the smaller one on 2 years because you can save enough to pay it off.


    What retention rates are they offering you.
    • Thrugelmir
    • By Thrugelmir 9th Aug 18, 11:47 AM
    • 61,295 Posts
    • 54,541 Thanks
    Thrugelmir
    • #9
    • 9th Aug 18, 11:47 AM
    • #9
    • 9th Aug 18, 11:47 AM
    Bank of Ireland have told me I can't move one to another lender only both so my concern is I end up stuck with them.
    Originally posted by Goldust
    You currently only have one mortgage. This is the legal charge placed on the property to secure the debt owed. What you have is two separate loan accounts. Other mainstream lenders will require a first charge on the property hence your inability to transfer just one loan account.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Bobby Peel
    • By Bobby Peel 9th Aug 18, 1:18 PM
    • 14 Posts
    • 0 Thanks
    Bobby Peel
    getmore4less - as you say having two might not be a bad option.

    I havenít heard of the retention rates? What are they and what should I be expecting?

    Thanks
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