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Mortgage and further advance question

3 replies

Givemestrengthorvodka · 12/07/2023 14:52

We have a 1.99% fixed rate mortgage that expires in April next year.
We also have a further advance on our mortgage that is at 2.2% interest and doesn't expire until 31st Dec 2025.

Does anyone know if it's possible to put our main mortgage onto the further advance deal? Or we will have to move onto a brand new mortgage deal?

OP posts:
LittleRedYoshi · 12/07/2023 15:07

You'll need a new deal. Assuming the further advance was due to something like moving to a more expensive house and porting your previous mortgage? Just like you couldn't 'add' to your existing product at that point, you won't be able to do it in April either.

Also, be aware that having this split will likely limit your options for new mortgage deals. Your current provider ought to let you take out a new product for the part that's matured, but if you want to go with someone else you'll most likely need a single product - meaning you either pay the early repayment charge for the part that ends in December, or you go onto the variable rate for the part that matures until then.

Givemestrengthorvodka · 12/07/2023 15:36

Thank you @LittleRedYoshi

OP posts:
Sanch1 · 12/07/2023 15:47

New. We have 3 separate parts of our mortgage. We're waiting to get them all together but it means one part is currently on variable, one part will have to move to standard variable from September to December when the final one is up 😩

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