Can I transport my mortgage to a 'second' property?

RJRock

Before I pick up the phone to our mortgage people, I want to understand what I can expect a mortgage company to offer and if there any other implications of what my wife and I want to do e.g. tax implications.

We have an offset mortgage with Int. Finance and pay 2% (our contract expired ages ago but its a cheap mortgage).
We owe 89k with 86k in the offset saving. i.e. we are approx. cash neutral.

My wife and I are selling our house and moving/relocating into 'my fathers' house, which I am a third owner of with my sisters (I'll am buying them out). We'll be converting the house to include a 'granny' flat. My father is elderly and also registered disabled.
My wife is giving up her job and is not intending to work. All the finance for this is covered in the cash we will make from the sale of our house.

In addition, we want to buy a 'crash pad' near my work where I will stay approx 4 days/week. The cost is approx 80k for this i.e. @ same as mortgage and savings in offset.

My first question is whether we can expect to transition our offset to the 'second' house? we will only have 1 mortgage.

Secondly, do we have to declare the main family residence to the mortgage people? Should they care?

Lastly, are there any other considerations we should be savvy to?

p.s. I'm not an MP

Joe_Bloggs

Consider a pod for your work place downtime.
I am sure solicitors will be involved with all the other stuff going on so double check with them any details where you have doubts.
J_B.

holly_hobby

Whether your current mge product is portable should be in the T&Cs, but the lender always retains discrection as to if they will allow the trasnfer.

As its just the mge rate thats being transferred, you will still have to satisfy all normal status and affordability checks.

In effect the property you want to tsf this to will be a 2nd property and not your primary residence i.e not your main abode - this will have to be declared, as to whether they will be happy to lend will be down to their criteria and underwriters.

If they refuse, an hour with a broker will easily source those lenders suitable to your requirements.

From a HMRC position, don't forget to advise which property is your main residence for CGT purposes.

Hope this helps

Holly