Is this possible?

horngkai

Basically, I am currently not in a position to get a new mortgage as I am still waiting for my passport from UKBA.

I seen a house that I am very interested in and I have checked with my solicitor that I could buy a house without passport (cash-buy). My mum and siblings are happy to come up with the money up front so that once I get my passport, I will get a mortgage and pay them back.

I currently have a mortgage with HSBC on my current property (BOE + 0.89%). The plan is to buy the new place with cash, then once I get my passport, change my current house's mortgage to buy-to-let and port the residential mortgage to the new place I will be living in. Is this doable?

Thanks in advance.

Dave_the_Ginger_Cat

I don't think HSBC will let you port the scheme to what would effectively be a remortgage of another property you own, but the only way to check is by asking them.

I would ask HSBC also what their rates might be if you convert to convert the existing mortgage to a BTL. If they'll let you keep the rate, I would recommend you keep this, as it' a good rate. I can't see any other way you can keep it

horngkai

The last time I spoke to HSBC is that I can port my mortgage to another property but only at the same amount of loan and years. Which the new place I buy is pretty much the same price so I do not need extra loan for this. Hence porting should work. But I am not sure if they will be happy for me to port to a house that I would've paid off to start with.

The BTL mortgage will probably be with someone else as HSBC doesn't do BTL unless I have premier account.