Can you combine Buy To Let Mortgages?

busy_b

I have 4 Buy To Let Properties, I own one outright, worth approx £90,000 and 3 have their own mortgages, which are relatively low loan to value as listed below:-

£90,000 property - Nil mortgage (£320.00 rent)
£140,000 property £25,000 mortgage (£500 rent)
£145,000 property £68,000 mortgage (£500 rent)
£130,000 property £30,000 mortgage (no rent - family member here for life).

I would like to know if there is anyway of combining these mortgages so that I am paying one amount every month. (I don't particularly want to be tied in, as I would like to sell the £145k property to release some equity and purchase a renovation property).

As far as I know, I have no redemption penalties or tie ins. Does anyone know if I can combine them and if it is worth doing? Thanks in advance.

herbiesjp

There are lenders that can agree limits for you to capital raise based on the aggregate property values and rental incomes

Not sure if that would be an option instead of selling one of the properties

MortgagesInc

Hi busy

I'm not sure on the value of your main residence, but given the fact that ou are looking at an offset on that you may be able to combine everything on to one facility against your own home.

My understanding is that from a tax point of view as long as you can show an audit trail for the money back to the but to let property then this can still be iffset for tax purposes. You can then buy and sell to your hearts content making full use of the offset's flexibilty.

busy_b

Thanks, I am pondering over every scenario and getting nowhere fast!

I know my savings are earning jack all, my mortgages could be cheaper and I could pay off my home mortgage but haven't got the bottle!

So pooling everything down the Offset route is looking favourite !

Any advice is greatly received !!