Soldato
- Joined
- 18 Oct 2002
- Posts
- 6,669
We have two years left to run on a five year fix.
We're thinking of borrowing more (from the same lender), which will consist of a separate amount fixed for five years.
I'm clear with everything except what happens when the fixed period ends on our main mortgage? We'll still have three years to run on the additional borrowing.
I'm assuming that they are effectively two separate loans secured on the property and we are free to remortgage with whoever we want for the main mortgage, despite having a smaller loan with our existing lender...
But perhaps another lender isn't going to like that smaller loan being with someone else and we will be restricted in choice and/or stuck with our lender's SVR for the main mortgage?
The documentation isn't clear on this (I will ask the lender, but it's the weekened and I'm sure others have done similar and may know!).
We're thinking of borrowing more (from the same lender), which will consist of a separate amount fixed for five years.
I'm clear with everything except what happens when the fixed period ends on our main mortgage? We'll still have three years to run on the additional borrowing.
I'm assuming that they are effectively two separate loans secured on the property and we are free to remortgage with whoever we want for the main mortgage, despite having a smaller loan with our existing lender...
But perhaps another lender isn't going to like that smaller loan being with someone else and we will be restricted in choice and/or stuck with our lender's SVR for the main mortgage?
The documentation isn't clear on this (I will ask the lender, but it's the weekened and I'm sure others have done similar and may know!).