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  • FIRST POST
    • Jross6989
    • By Jross6989 19th Apr 17, 4:50 PM
    • 1Posts
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    Jross6989
    Advice please for the clueless
    • #1
    • 19th Apr 17, 4:50 PM
    Advice please for the clueless 19th Apr 17 at 4:50 PM
    Hi thanks for reading my first post.
    We were posted away for work 9 years ago whereby at the time we put both our separate houses onto interest only mortgages. We have now been redeployed back to the original area and we wish to live in one of the houses eventually one will be sold. The house we want to live in only has 10 years left to run and a repayment mortgage for it will be a fortune. Is there a way we can remortgage the other property to help finance the one we will live in or can anyone offer advice on how to do this please.
    Thank you in advance.
Page 1
    • clairebeth
    • By clairebeth 19th Apr 17, 10:33 PM
    • 90 Posts
    • 22 Thanks
    clairebeth
    • #2
    • 19th Apr 17, 10:33 PM
    • #2
    • 19th Apr 17, 10:33 PM
    Hi,

    I am unable to answer your question, but I'm guessing others may want a bit more information to be able to help you. Like, have both properties been rented out over the past ten years, and have you put that money aside to pay the final capital on the mortgages, if so, you could perhaps pay one mortgage off with that? Will you continue to let the other one out? What is the current loan to value ratio on the properties? Presumably their value has increased, you may be better off getting a capital repayment mortgage over a longer term now while the interest rates are so low. Just a few thoughts, but none of them based on any huge fount of knowledge on my part.
    • Lilla D
    • By Lilla D 19th Apr 17, 11:02 PM
    • 194 Posts
    • 90 Thanks
    Lilla D
    • #3
    • 19th Apr 17, 11:02 PM
    • #3
    • 19th Apr 17, 11:02 PM
    Hi JRoss,

    Clairebeth has a point - there are lots of details here to consider without which answering your question is mission impossible. Generally speaking, yes, you could potentially remortgage the one you won't live in and raise capital for the one you will live in, it is also possible to get interest only mortgages and extend mortgage terms, but it all comes down to the details.

    Considering that you've been away for 9 years, it will also present a challenge for most lenders that you haven't been a UK resident for the past 1-3 years, but since you maintained a credit history through your mortgages, at least you'll have a chance to get a new mortgage deal.

    Because of your situation, you should discuss the details with a broker, who will go through the various aspects and help find suitable lenders and options as well as make sure that an application will go through.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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