Can I move my main mortgage to another lender, while leaving the further advance with the original company?

Posted on 16 June 2013 by Mr. Hirst


Hi, I have a Nationwide mortgage which is split into two payments an original mortgage and a advance when I moved to a bigger home. My original mortgage deal is due for renewal and I can find a cheaper deal, but can I move with the advance still with the Nationwide as there is a substance early repayment for the next couple of years. Many Thanks.

Mr Hirst,

Unfortunately the further advance will form part of the first charge, and therefore the Nationwide, won't allow you to move the original part of the mortgage to another lender without full repayment (including penalties) of the further advance.

If you'd like us to have a look into whether we can find you a new deal that would make it cost effective to move to a new lender now, then please let me know and I'll sort a suitable time for you to talk to one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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