Owning your own home

Yeah totally but its them playing catchup because they have been openly caught. Ridiculous

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?!

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?

BTW what presumably happened is that when you moved house your existing mortgage was ported and the additional borrowing required to buy the new property is accounted for as a separate (but equal ranking) loan.

I don't think many lenders would want a second charge on the property.

That market exists but it will cost >6% not 2%

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.

There are often other sweeteners to stay with an existing lender. Lower (or even no) fees for the new product. No valuation fees from the new lender. Moving on to a lower rate earlier than the usual time-limit (for avoiding early repayment charges), etc. Also the ability to do it all over the phone in a matter of minutes rather than days with paper flying back and forth.

Last time I remortgaged (with Santander) it was ~20 minutes on the phone, got moved onto a lower rate (1.94% down from 2.19%, 5 year fixed interest only) three months early, no valuation fees, I did have to pay a new product fee but I think it was discounted and was just chucked onto the outstanding mortgage balance.

Boringly just looking at our mortgage, we have 19 months before the early repayment charges go and we move onto a variable rate, but we're limited to paying back 10% of the outstanding capital per calendar year (it's an interest only mortgage) and since we have <7 years to go we obviously can't get to £0 outstanding if we can only pay off 10% a year. Plus we also blow through the yearly repayment allowance faster and faster now, in 2022 we'll hit the limit with part of September's overpayment, so the rest of it, plus Oct/Nov/Dec will go into a savings pot until Jan 1st where it gets dumped into next year's repayment allowance. This then means that in 2023 we hit the 10% repayment allowance in April, and so the money from then until the renegotiation (Nov 2023 if it's not early, but probably more likely 3 months earlier so August 2023). From there I've no idea what to do for the last 5 years. I like the security of a fixed rate, but need the ability to pay down the capital but like the flexibility of an interest only mortgage. A fixed rate interest only offset mortgage would be perfect, but I don't think they really exist. Guess I'll speak to my IFA next summer and get their advice.

@revenant.you fancy a project? Lick o paint and she should polish up nice

https://www.rightmove.co.uk/properties/122109026#/?channel=RES_BUY

£1.3 million for that?! Get in the fucking sea.

'mature' garden, ha.

😂

Mad thing is it will probably sell close to that.

How you getting on with your place?

Christ

Really good thanks. Putting in for planning for the loft and kitchen thing in a weeks time.

The biggest decision I have to make before then is what to do with these magnificent concrete dogs that are in the garden.

Any suggestions warmly welcome.

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Make them look like the one from Ghostbuster

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And put a live one inside for additional realism.

for additional realism.

Kidnap Rick Moranis and cement him inside, you mean?

'mature' garden, ha.

I wonder which floor this view is from.

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If you grind the bases off could you get them to 69?

Well you could, but IIRC it's the terror dogs that come out of the statues and attack Louis. Anyway I think it's been mentioned elsewhere that it's a big disappointment to rewatch and I'm unwilling to go through it again (apart from Stay Puft scene).

That would be amusing but I wouldn't want probing questions from my young children over it.

I am inclined to affix them to the back of the house in an aggressive gothic way. Could get a concrete cat made up too for the hat trick.

I would hide them around the garden amongst the planting as canine easter eggs.
I did the same with a couple of stone cats that came with my place.

Yeah take them off the plinths and put them in the garden. Also give your kids some coloured chalks and get them to colour them in - should keep them busy for a bit ;)

This is peak Aldersbrook (which I already don’t get bc it’s a 30min walk everywhere)