What would you do

AlistairDarling

Afternoon MSE Forum, 1st post so here goes....

I am seeking some advice from anyone who may have been in a similar situation or has any pearls of wisdom!

We (me and GF) have our own place but due to my job I need to move next year. We are on a fixed rate with a fairly small building society (Darlington) until 2010 and am therefore reluctant to sell the house coupled with the fact that as we only bought it in Oct last year we will probably only just break even. The early redemption would kill us and their lending criteria probably would not let us get much more capital for a 2nd place

We are therefore bracing ourselves to buy another place, albeit smaller and cheaper. The questions I have are:

Is it possible to have get a 2nd mortgage with a different provider?

Is there anyway to negotiate the transfer from a fixed to a SVR due to it now being a "commercial" venture!!? This is by far the biggest bug bear, the fact that rent will be approx 75% of the SVR repayments hardly looks like a sound commercial venture to me...

Anyone been in a similar position care to share any dos and don'ts?

To add a bit of meat to the bones, our initial LTV was 84% so we have a fair amount of equity in our current house and in terms of affordability we could probably (just about) cope with another small mortagage.

I would appreciate any guidance anyone might have on this subject.

Cheers

AD:D