Offset BTL mortgage??

slopemaster

Does such a thing exist?
Or are offset mortgages only for normal residential mortgages?

If I wanted to raise some money from a house I own, in order to be a cash buyer on a new house, it would be best if I could arrange the mortgage in advance, but only pay interest on the money for as long as I actually need it. If I understand correctly, this is what an offset mortgage does?

Or is there another way of achieving this for a BTL mortgage?

Thanks in advance for enlightening me...

silvercar

If I wanted to raise some money from a house I own, in order to be a cash buyer on a new house, it would be best if I could arrange the mortgage in advance, but only pay interest on the money for as long as I actually need it. If I understand correctly, this is what an offset mortgage does?

Yes that can be achieved with an offset mortgage.

If you raise the money on the home you live in, you will (only) need to get a residential mortgage.

Wh05apk

I am not aware of any offset BTL mortgages, maybe there will be one day, but not now, the reason being that generally it would be more tax advantageous to pay down a residential mortgage if you have any spare cash, than a btl one, as you could claim tax relief on the BTL interest, whereas normally this would not be done on a resi mortgage.