Tracker Mortage + SVR Mortage


Registered User
Is it possible to have 2 mortgages on the 1 property?

I currently have a site loan (Tracker rate). I would like to take out another mortage to build a house on the site. I assume my bank will try force me off the tracker mortgage and take out a SVR mortage to include the amount i need to build the house.
I was wondering if i could just take out another mortgage with a different bank in an attempt to keep my tracker rate mortgage.

Any suggestions welcome.


Frequent Poster
You can get a 2nd mortgage, but it would need to be with same bank.
Another bank would only have a 2nd legal charge over the property, so if you defaulted and property was repossessed the first bank would be fully paid first before 2nd bank would get anything.


Frequent Poster
You can have separate ones but will have to be with same bank as they hold the deeds, however it will depend on bank policy whether or not they will insist on you taking a full new loan to cover both building and clearing existing one. In general that would be the norm but obviously in your case though it is of more benefit to you to keep them separate.