We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Consolidating 2 x buy to let mortgages into 1/
Jet
Posts: 1,652 Forumite
I currently have 2 x buy to let mortgages.
There is a possibility that I may need to live in one of those properties in the next year or so and it will become my main residence. My main residence currently is my partners property. The total amount of loan I have over the two properties is around 70% of the value of one property.
My current lender just says I need to find the cash to pay one off and won't entertain the idea of me raising more on one property to pay off the other.
Of course, I could just worry about it if I had to move in and then look at getting a residential mortgage to pay off the buy to let mortgage at that time. But it seems simpler to me to get everything done now as my buy to let mortgages are due for renewal at the end of August.
Is it possible?
There is a possibility that I may need to live in one of those properties in the next year or so and it will become my main residence. My main residence currently is my partners property. The total amount of loan I have over the two properties is around 70% of the value of one property.
My current lender just says I need to find the cash to pay one off and won't entertain the idea of me raising more on one property to pay off the other.
Of course, I could just worry about it if I had to move in and then look at getting a residential mortgage to pay off the buy to let mortgage at that time. But it seems simpler to me to get everything done now as my buy to let mortgages are due for renewal at the end of August.
Is it possible?
0
Comments
-
Yep.
A BTL remortgage will pay off both of the current ones. Subject to status, valuation, rental income etc.
As usual an independent broker would be best first port of call.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Given the fact that residential mortgage rates are better than BTL ones, I would just re-mortgage the property i would make my primary residence at enough LTV to allow me to pay off the second property mortgage. If your current Lender is not happy with that, just find another.0
-
Thanks both of you.
Initially I would be in a position where I would have lost the rental income of one property and not have enough other income to warrant a residential mortgage for the amount I would need, I suspect. This would leave me living in a property with a buy to let mortgage with an unhappy mortgage provider and possibly not able to get a residential mortgage. I'm not sure. Obviously then I could try to increase my income and / or sell the other property but neither of those things will happen overnight.
I have spoken to a broker this afternoon who will look into it for me.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards