New mortgage - forced to get rid of existing fixed rate?

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podgerodge

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Current mortgage of 200k of which 100k is fixed for 5 years at 3.8%

I have been told if I get a new mortgage for a new property I will have to clear the existing mortgage and start again rather than leaving the fixed portion alone and just topping up the variable portion. This is on the basis that the mortgage is on a specific property and is not transferable.

Just wondering can someone confirm that this is the only way?
 
Yes this is the only way. Although, your bank should waive any penalty for breaking a fixed rate if you take out your new mortgage with them.
 
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