Arranging a remortgage?

Posted on 2 March 2011 by pikeyisland

I have four separate small mortgages on two properties - a 1 bed ex council flat in east london and a 3 bed house on the isle of wight. The loans add up to 120k and are all straight repayment mortgages. In the current climate, the flat is probably worth 150k and the house probably the same. I think it would make sense to roll them all into one mortgage and pay it off over five years rather than all the separate interest rates I currently have on each. If so, how best to go about it and what would the payments be (approximately)??


I am intrigued as to how you ended up with 4 mortgages on 2 properties, but never mind. The most normal procedure in your circumstances would be to arrange 2 mortgages, 1 on the flat and 1 on the house. These could be with the same Lender but not necessarily so.

If you were to arrange this with us, we would first conduct a 'fact find' this will tell us your own personal situation, the size of each current mortgage, who they are with and what they the properties are used for. Then depending on your attitude towards risk we would research the mortgage market to find the best deal or deals for you. Once we have done this and made our recommendation we then complete the applications for you and liaise with the Lenders and Solicitors on your behalf through to offer and then completion. We do charge a fee for our services, but this does not become due until completion.

Please call on 0344 346 3672 tell the consultant the date and title of your question, they will be able to look at your situation and advise you accordingly.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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