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residential to BTL or 2nd residential mortgage
mr_rush
Posts: 597 Forumite
Hello all
I bought a flat a couple of years ago down in Poole when I was single (yes in hindsight buying at the top of the market was not a great idea!).
Since then I've moved back to London and recently got married. The flat in Brighton is currently let out. I was lucky in getting a great deal for my mortgage: 0.3% below BoE for 2 years (just ended) and subsequently +1.5% for life. Rent covers interest + overpay £600/mth.
I've made enquiries with my mortgage provider who say to switch to BTL mortgage would incur a nominal cost of £100, T&C will stay the same.
Now, at present we have no intention of moving back to Poole. Career-wise in London for the next 5 years.
We would like to buy a flat in London this summer. Luckily we are both in reasonably well paid and stable jobs.
I could switch the old place to BTL but I am worried that given the poor state of BTL fixed rate market, I will have trouble finding a reasonable fixed rate when interest rates start to rise. (I paid £250K with 20% deposit, have paid off £7K, current value of flat £225-230K).
The other option would be leave it on residential. But can I get another residential mortgage (joint with my wife) if I have an old one?
I bought a flat a couple of years ago down in Poole when I was single (yes in hindsight buying at the top of the market was not a great idea!).
Since then I've moved back to London and recently got married. The flat in Brighton is currently let out. I was lucky in getting a great deal for my mortgage: 0.3% below BoE for 2 years (just ended) and subsequently +1.5% for life. Rent covers interest + overpay £600/mth.
I've made enquiries with my mortgage provider who say to switch to BTL mortgage would incur a nominal cost of £100, T&C will stay the same.
Now, at present we have no intention of moving back to Poole. Career-wise in London for the next 5 years.
We would like to buy a flat in London this summer. Luckily we are both in reasonably well paid and stable jobs.
I could switch the old place to BTL but I am worried that given the poor state of BTL fixed rate market, I will have trouble finding a reasonable fixed rate when interest rates start to rise. (I paid £250K with 20% deposit, have paid off £7K, current value of flat £225-230K).
The other option would be leave it on residential. But can I get another residential mortgage (joint with my wife) if I have an old one?
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