molko

Yeah I know pretty boring....sorry

Just a simple question, i know some of the guys on here are clued up on this type of thing.

We are looking to buy a new house, the deal is that we can part-ex our existing house with the new one.

We currently have a mortgage on our existing house, its at a very favourable rate (.29 % above base), this favourable rate runs out in Jan 2011.

We need to get a new mortgage for the new house, which presumably will be at a rate of around 4% (or whatever the best deal is).

Just wondering how i can keep the existing mortgage until its term expires but yet still get my new mortgage for the new property.

Hope that made some sense.

thanks

madscoob

iTrader: (3)

try to get your existing deal increased to the amount you need would be best option surely . if not a new mortgage to cover both at the lowest rate above boe fixed for duration would be best imho the standard variable rates are a licence to print money, look at the moment boe is 0.5 variable rates go from 4.8-6% so a fixed deal as low as poss above boe for duration is the way forward imho

molko

Is it possible to get another mortgage to cover the difference ?

madscoob

iTrader: (3)

ask your current provider if you can increase your current mortgage to the amount you need