two properties, one mortgage- is this possible?

AJK_3

Hi Guys,

Situation: I own two properties 1 worth £450k approx which has an outstanding mortgage of £270k and the other worth £310k approx and outstanding mortgage £140k.

What I would like to know is whether there is any way I can combine the two mortgages into one (£410k) and secure it on both properties and whether you know of any lenders who would consider doing this?

I appreciate any info/advice you are able to give.

Moggett

I don't think that this would be possible as a mortgage is a loan secured on a single property. A high street bank may consider giving you a loan secured on both properties.
More to the point, why would you want to do this?

Rick62

Subject to your earnings you could put the whole £410k on the £450k property, you would however need a 95% product, or tweak the figures to keep to 90%. Then you should leave, say, £1k on the other property, in case you want to remortgage that property in the future.

The advantage is saving on the set up fees, only one set rather than 2, which can often be £3,000 for the best rates.

Madjock

there are specialist lenders who will do portfolio mortgages, best thing is to see a broker for advice.