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Is it possible to have 2 x BTL mortgages on one property?
Edtough
Posts: 144 Forumite
I am looking to rent out my flat.
I currently have a small residential mortgage (about 30% LTV) with C&G at a very good 2.5% SVR, which I am reluctant to lose. I plan to apply for consent to let from C&G which hopefully will cost me just an admin fee.
I would then like to release some equity in the flat by getting a second small BTL mortgage (again about 30% LTV, giving me a total of 60% LTV when combining the two).
Is getting this second BTL mortgage even possible on the same property?
I currently have a small residential mortgage (about 30% LTV) with C&G at a very good 2.5% SVR, which I am reluctant to lose. I plan to apply for consent to let from C&G which hopefully will cost me just an admin fee.
I would then like to release some equity in the flat by getting a second small BTL mortgage (again about 30% LTV, giving me a total of 60% LTV when combining the two).
Is getting this second BTL mortgage even possible on the same property?
0
Comments
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No it isn't.
The specialist BTL lenders all work on a first charge basis, which is what C&G have on your property. Presumably C&G won't give you a further advance with your CTL?
The only other option is a secured loan, but that may prove a more expensive alternative.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Well they WILL lend me more, but then I would have to get a new mortgage product which means I would have to pay mortgage product fees (£999) and I would lose the brilliant 2.5% SVR rate I am on.
Which is why my plan was to leave the C&G mortgage as it is, and get a second BTL mortgage.
Oh well, will have to have a rethink.0 -
No further advance on one of the C&G's new rates without moving the current amount off SVR?
Have a look what a secured loan would cost and see if it makes it worthwhile going that route and staying on SVR with C&G.
Alternatively, see what the cost would be if you move to the full amount you need with another lender.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Great advice. Thanks.0
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