Porting current mortgage and taking out further mortgage

[foiled]

We’re considering moving and looking for some advice regarding porting a mortgage and taking out a further mortgage.

Currently with First Direct with a £190k mortgage half way through a 5 year fix, with a 12 year term. This mortgage is portable.

If we were to move, I would need a further mortgage of £260k (so total mortgage of £450k).

Questions
1.would my only option be to take the additional mortgage with First Direct? Not a major problem as their deals seem reasonable. Could I take out another 5 year fix, and have the two fixes finishing at different times
2.If I take out additional funds would it need to be over the same term (12 years)

I know I could ring First Direct, but I wanted to ring them forewarned with my potential options

Thanks

[CzechItOut]

This was my experience when I did similar to you with HSBC:

Yes, it would have to be the same lender.

No, it doesn't have to be the same mortgage type (I've got one tracker and one fixed).

No, it doesn't have to be the same term.

[Marcellus]

1. 1 isn't your only option, when we looked at it the lender wanted to charge us a silly rate for the "add on" that they were taking the proverbial.

It was cheaper for us over the remaining term to pay an early settlement penalty to the existing lender and take out one new mortgage with a new lender!

[T.J.B]

CzechItOut said:

This was my experience when I did similar to you with HSBC:

Yes, it would have to be the same lender.

No, it doesn't have to be the same mortgage type (I've got one tracker and one fixed).

No, it doesn't have to be the same term.

To counter this my experience with Nationwide was

- Yes, same lender
- No, doesn't have to be same type
- Yes, has to be same term. This can be done by increasing original mortgage term however.