Remortgage question

[1stTimeTTC]

Hello!

I sold my house 2 years ago, with mortgage left on it, so I ported that mortgage and added a second mortgage with the same bank to cover the cost if the most expensive house.

As it goes I have a mortgage of £90,000, which runs out soon.

And a mortgage of £250,000 which runs out in 2025.

I want to renew the 90,000 mortgage for 2 years to avoid paying variable rate, but I'm not sure how I do this?

Do I assume the £250,000 + equity is my deposit when looking for quotes?

How do I work out the deposit part?

Thank you!!!

If you remortgage you'll have to remortgage the whole amount you can't just remortgage the £90,000 part. So you'll just have to do a rate switch with current bank for the £90,000 2 year fix, or do a remortgage to another lender for the whole amount you owe but you will have to pay ERCS on the rate not ending until 2025.

Contact your current bank x

Your equity is the value of your home minus any loans.

In order to avoid paying the ERC on the top up part of the mortgage, you'd be better doing a product transfer for 2 years on the ported part. You may be able to do this online with your existing lender. Or, speak to a mortgage broker (who doesn't charge a fee)