A bit complicated, advice urgently needed

dizzyhead_2

Right, I will try to explain. We have a property which is our main residence and we have a first direct offset on it. We saw and put an offer in on another property today (all a bit sudden!) and it has been accepted. We are wondering if we can swap our morgages e.g. make the new property our main residence and use the first direct offset for that and make the property we already own a buy to let mortgage? and have to get a buy to let mortgage? Can you do this?

kingstreet

You'll have to remortgage onto a buy to let product. First Direct don't provide consent to let or offer BTL products, so that's not an avenue.

You'll then have to hope FD will grant you a new mortgage on the new property and will allow you to port the terms over to it from the old one.

The only way you'll find out is to ask them I'm afraid.

Dave_Ham

As Kings says, first step First Direct this morning and see if they will allow you to "port" your existing mortgage. In the meantime you will need to ascertain if you can achieve a let to buy mortgage and on what terms.

You then need to balance which mortgages you require which balances on, to meet your needs.

First Direct will not do a let to buy on your existing property and likely you will require a broker for this. The highstreet buy to let offers are not hugely competitive, but are heavy in criteria.

All the best