Mix and match mortgage solution

Posted on 23 February 2010 by Claire Collins

We do not have a mortgage on our current property (value approx £210,000) but to secure the house we want we may need to be in a position to proceed before we sell. We have a further £100,000 cash to put down as a deposit but want to know if there is anyway to get a mortgage where we can pay off £150,000 immediately on the sale of ours with the remaining £200,000 on a 20 year mortgage.


You should certainly be able to secure a mortgage that meets your requirements.  Many Lenders now offer mortgages arranged on one, two or more different products and/or repayment types.  This means that you can arrange your long term borrowing on a market leading Fixed, Tracker or Discount rate and take the short term balance on a different product with no Early Repayment Charges (ERCs). 

The alternatives to this are a Flexible mortgage which allows you to make unlimited overpayments and borrow the money back later or an Offset mortgage which would reduce the amount of interest you pay whilst giving you the options to decrease or maintain your original mortgage payments and release the money again later should you need it.

I recommend that you speak to an independent mortgage adviser who can explore the different options available to you.


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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