Should I/Can I consolidate my mortgages?

pcornall

I have two mortgages for my property (when I moved I transferred my existing one and added to it with a second loan). One is fixed until 2014 and the other is now on the variable rate and not fixed. I am now having to move so will be letting my flat out, but Santander, my lender will only offer me buy-to-let mortgages now (£995 arrangement fee and rubbish rates).

I assume that it is impossible for me to consolidate my variable rate loan into my fixed rate loan (I realise I am probably stupid to even ask this, but I just want to get confirmation). I would just consolidate by switching to a completely new lender, but Santander will charge me an early repayment charge of £1000 on the fixed rate mortgage so I guess I'll just have to stick with variable rate for the next two years. If anyone has any ideas on how I could cheaply consolidate though, please let me know.

One other question someone might be able to help with - I've read that the interest on a mortgage is tax deductible if the property is let. However, Santander only send me a mortgage statement covering January to January, so how does one work out the interest paid from April to April for the financial year rather than calendar year? Again, apologies if this is a very stupid question.

Thrugelmir

Why not sell the property and alleviate yourself of the secured loan in the process?

As I assume your paying a high rate of interest on this.