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But to let re-mortgage
Cupranod
Posts: 10 Forumite
I have had a buy to let mortgage for 12 years now,and the value of the property has gone up from £123,00 purchase price to around the £195,000 mark now.The property has been let for all that time,and I don't really want to sell it due to the onerous CGT I will have to pay. I don't currently own a residential property and live in rented accommodation,however at the age of 49 I want to try to buy a cheap place to live for around £80,000.
I earn over £29k pa,have good credit history and would like to re-mortgage the property up to 75% of it's value,which will free up around £25k on top of the £118,000 mortgage it has on it now.In doing that,I'll have a residential mortgage deposit and still have the buy to let.To borrow that from the existing lender is possible,but the extra money will be charged at a higher rate. Would I be able to change lenders and get a mortgage on the whole £143,000 and thus settle the £118k mortgage with the existing lender? It would make far more financial sense to do that than additional borrowing on the existing mortgage.
I earn over £29k pa,have good credit history and would like to re-mortgage the property up to 75% of it's value,which will free up around £25k on top of the £118,000 mortgage it has on it now.In doing that,I'll have a residential mortgage deposit and still have the buy to let.To borrow that from the existing lender is possible,but the extra money will be charged at a higher rate. Would I be able to change lenders and get a mortgage on the whole £143,000 and thus settle the £118k mortgage with the existing lender? It would make far more financial sense to do that than additional borrowing on the existing mortgage.
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Comments
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Technically, yesI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Why not live in the property yourself?0
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Because under the terms of the mortgage I cannot live in it,it's a BTL mortgage taken out in 2004. Also it's 150 miles away from where I work.0
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