Combine mortgages

hjf

Hi
I have one mortgage that has 10 years to run on my house and another that has 23 years to run on a London flat
What I would like to do is use the equity in the London flat to pay off my main house and be left with a mortgage only on the London flat. Does anyone know how to do this as it sounds very complicated?? Is this a case of increasing one mortgage or do I need to equity release. The reason I am interested is that running various calculators I am sure I can save money on paying for one large mortgage rather than 2 small
thanls

amnblog

There is no reason why one large mortgage should be inherently less expensive than two small ones.


Your best option depends on the use of the two properties.


The simple route may be to increase one mortgage to repay the other - but that may not be advantageous nor possible.

getmore4less

hjf wrote: »

Hi
I have one mortgage that has 10 years to run on my house and another that has 23 years to run on a London flat
What I would like to do is use the equity in the London flat to pay off my main house and be left with a mortgage only on the London flat. Does anyone know how to do this as it sounds very complicated?? Is this a case of increasing one mortgage or do I need to equity release. The reason I am interested is that running various calculators I am sure I can save money on paying for one large mortgage rather than 2 small
thanls

How?

Show your workings.

dimbo61

So now you need the help of a specialist whole of market mortgage broker.
Depending on the value of the flat in London, LTV and outstanding mortgages this maybe achievable.
What did you pay for the London property and how much is the rental income.
What kind of rates can you get, who will lend you the money at what rate etc
Mortgage Broker Simples :-)