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Increasing Mortgage
Outsider_83
Posts: 166 Forumite
This is a quick question and I realise it may not be possible to do but I felt it was worth exploring the option. I have a buy to let property bought for £62,1000 and valued at £100,000. There is £39k left on the mortgage at a rate of 3.29%.
My residential property is on a rate of 4.69% for a mortgage of 65,000.
Could I increase mortgage one to make overpayments on mortgage two within the allowed limit?
Buy to Let
Bought - £62100, current value £100,000.
Outstanding Mortgage - £39300.
Rate – 3.29%
End of Current Term – 30.06.2020.
End of Overall Term – 30.03.2031.
Rental Income - £423 per month.
Expenses - £950 annually (Tax/Insurance)
Residential Mortgage 1
Bought - £84000, current value £90,000.
Outstanding Mortgage - £65700.
Rate – 4.69%
End of Current Term – 28.02.2019.
End of Overall Term – 30.09.2039.
Room Rented - £250 per month
Expenses - £550 annually (Tax/Insurance)
My residential property is on a rate of 4.69% for a mortgage of 65,000.
Could I increase mortgage one to make overpayments on mortgage two within the allowed limit?
Buy to Let
Bought - £62100, current value £100,000.
Outstanding Mortgage - £39300.
Rate – 3.29%
End of Current Term – 30.06.2020.
End of Overall Term – 30.03.2031.
Rental Income - £423 per month.
Expenses - £950 annually (Tax/Insurance)
Residential Mortgage 1
Bought - £84000, current value £90,000.
Outstanding Mortgage - £65700.
Rate – 4.69%
End of Current Term – 28.02.2019.
End of Overall Term – 30.09.2039.
Room Rented - £250 per month
Expenses - £550 annually (Tax/Insurance)
0
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