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mortgage split into two parts, where each part is with a different mortgage lender
I am not a broker but I would be extremely surprised if you can do this, unless one mortgage is first charge and the other is second charge. If you stop paying how do the banks co-ordinate on special servicing / reposession with pari passu loans?
NickCJ
Does anyone have a mortgage split into two parts, where each part is with a different mortgage lender?
Currently with Santander and our mortgage is split into two chunks (for reasons I don't fully understand but it happened when we moved house about 3 years ago)
The current deal on one of the chunks comes to an end in August. The best deal they are offering on that is 2.14% (2yr or 5yr fixed). Seems like maybe we could get a better deal somewhere else? But not sure if it's worth the hassle of switching and then having a mortgage with two different lenders.
If anyone has any thoughts on this it would be greatly appreciated.
Maybe 2.14% isn't that bad considering where things are heading?!