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Moving house and buy to let
MrPez
Posts: 173 Forumite
Hi folks, I'm after some advice.
I currently own my house and have a mortgage with Accord. My current LTV is about 65%. I've accepted a new job and have to move and I'd like to holiday let my current house and buy a new one when I move.
What I'd like to do is port my current mortgage (as I'm tied in for another year and a half) to the new house and get a new interest only buy to let mortgage for my current house. I'll also need to borrow a bit more as the new house will be more expensive.
To achieve this I'd need to raise a bit of cash and use the equity of my current house in order to get 25% LTV with both houses.
Does this sound doable?
The reason I'd like to do this is that I'm on an interest only mortgage with Accord and I like the flexability this gives me as I can invest my money in other ways which is more beneficial that paying it off my mortgage. I was told by Accord that as long as I have at least 75% LTV I can stay on interest only.
I took some advice from an IFA but he didn't suggest this and I wanted to check I'm not missing something obvious before I go back to him.
Cheers in advance!
I currently own my house and have a mortgage with Accord. My current LTV is about 65%. I've accepted a new job and have to move and I'd like to holiday let my current house and buy a new one when I move.
What I'd like to do is port my current mortgage (as I'm tied in for another year and a half) to the new house and get a new interest only buy to let mortgage for my current house. I'll also need to borrow a bit more as the new house will be more expensive.
To achieve this I'd need to raise a bit of cash and use the equity of my current house in order to get 25% LTV with both houses.
Does this sound doable?
The reason I'd like to do this is that I'm on an interest only mortgage with Accord and I like the flexability this gives me as I can invest my money in other ways which is more beneficial that paying it off my mortgage. I was told by Accord that as long as I have at least 75% LTV I can stay on interest only.
I took some advice from an IFA but he didn't suggest this and I wanted to check I'm not missing something obvious before I go back to him.
Cheers in advance!
0
Comments
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Technically this is possible, but if by ‘holiday let’ you mean the property will be let short term to tenants you will have very few options.I 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 is this? Is there a difference between long term let and holiday let when it comes to mortgages? I actually haven't decided for definite which I'm going to do.Technically this is possible, but if by ‘holiday let’ you mean the property will be let short term to tenants you will have very few options.0 -
Yes, there is a difference.I 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
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