mortgage deal running out. have 2 mortgages need help

a_j_mair

right il try explain the situation

i bought my first house 2 years ago in august x council house, i got a standard interest only mortgage with the view to sort up the house and rent it out

i got it rented and changed to capital and repayment

6 months later me and the girlfriend started looking for a house and the house next door, semi detached block, came back on the market after sale falling through a couple times, jumped at the chance and got the keys 6 weeks later

that property was bought with a large deposit and a buy to let mortgage

so in just i have 2 mortgages that are technically round the wrong way

So the first houses mortgage was on a 2 year tracker and is up in august

i will need to renew the mortgage and will be looking at probably 90-95% of the property value the way things have went

id like to lock in for 5 years fixed if i can get a good deal.

i am best just staying with the RBS who i am with just now or is that my only option?

was thinking also would it be possibile to remortgage in a couple years time to pay off one property in full and just be left with 90-100% mortgage on the one property?

Sorry for all the questions adn thanks for any help

money_maker_3

Are you living in the 2nd home with a buy to let mortgage on it???

HangTime

One thing to bear in mind is that you don't really want either mortgage going over 90% LTV if you can help it, as that'll greatly restrict the number of products available to you for remortgaging. So you may want to jig things around a bit to ensure that you get the best deals. For example (random numbers) it may be that:

Property 1: 92% LTV
Property 2: 50% LTV

works out more expensive than say:

Property 1: 84% LTV
Property 2: 59% LTV

...if it means you can get a better deal for property 1 without making the deal on property 2 any worse.