Can you have two fixed rate mortgages- same lender

[DancingQueen2019]

I feel like this is a v quick query but just running it by someone : ) (I do have a chat with my mortgage broker next week but imagine he's v busy today with the latest interest rate rises!)

So we are on a 27 year mortgage 1.8% with £140k outstanding
It is fixed until November 2024.

We are at the beginning of purchasing a property for £400,000. I've worked out after fees, stamp duty etc we will have the £140,000 outstanding (portable mortgage) roughly £100k/£120k deposit (depending on if we keep some sale proceeds for work) and £160k new borrowing- probably for 35 years.

For the new borrowing, does it have to be on a variable rate or can it be a fixed rate? Ie can you have two fixed rates from the same lender running at the same time (with two different end of fixed rate dates)?

[Caramelisedbiscuitbutter]

Should be fine, we have done this just recently with HSBC. One rate ends in 2025 and the other 2028.

[Margarita45]

Yes you can. You effectively port your current mortgage and take out additional borrowing at todays rates.

Try to match the end dates up as much as possible so you can combine into 1 product next time. I’m about 6 months out, so new borrowing rate expires six months before the ported one.

My plan is the let the new borrowing slip onto standard variable for the six months then take a new fixed to cover the whole lot.

[DancingQueen2019]

Thanks both, I thought it was the case.

[DancingQueen2019]

Fingers crossed in 2024 and 2026 the rates are a bit more favourable : )

[HeidiUpTheMountain]

Yes! We ported our first mortgage and took out a new one for the rest when we moved. The fixes don’t run on the same timeframes as we stayed variable when the first one ended because rates had dropped so much. When the rates are coming to an end on each of them we can just switch to another of their products online. This is with Nationwide.

[D20]

Yes we have four mortgages with the Nationwide that have historically had different rates and end dates. They’re all on the same one at the minute but still three separate mortgages.

[D20]

Four even!

[DancingQueen2019]

Good to know, it is also nationwide who we are with !