remortgaging 2 properties

darcula

Hi,



Long time lurker with not much experience with mortgages.



I have 2 properties (valued approx. 1.4m) both mortgage free and rented out.



Would a broker be able to give me a good deal on remortgaging both? I probably only need 1m (max) to purchase a holiday home.


I'd like to exclude involving my main residence for safety. The two houses bring in 4000 per month

Retired_Mortgage_Adviser

Based on the very limited info in your post, a broker might be able to get you a suitable product to release equity but 1m might be tough to do on that rental income.

You will most likely need to sign up to a long term (5-10 year) fix to achieve the higher end.

If you want a better idea, please share the following info -
Your tax band, annual income (excluding rent)
Value and rental income property 1
Value and rental income property 2

darcula

Hi! Thank you for the reply.



Annual income excluding rent (this year) is around 300k pounds (I pay 5-10% tax). Normally I would expect 200k.



I am currently out the uk so pay little tax but want to return to europe (but not live in the uk).



If it is advantageous to return to get a short term job (in order to get the mortgage) I can probably get a reasonable short term gig easily for 150k per year.


Property 1 income is 2k (worth ~750k)
Property 2 income is 2k (worth ~650k)
I split this income with my wife on our uk tax return

They are near identical houses in the same area (separated by 50m - not miles). If it matters, I am 35 and when returning to europe I don't know what I will do. I'd like to raise funds, buy somewhere and see what happens.


I am only willing to mortgage 2 properties in the UK. The 3rd is untouchable but is mortgage free so should not factor in the decision and have no basis on the loan amount.


Edit.. After thinking about my appetite for risk, 600k may be a reasonable sum and would buy a nice enough house in europe!



Thank you again. I understand these are large sums of money

darcula

Bump. Any help?

LRmortgage

You need to contact a broker that can help with ex pat mortgages.

As brokers, were not allowed to tout for business on these forums, so you will need to contact one directly on here or ask family / friends to recommend one to you.

Your figures are healthy, but not enough info here to give you any concrete thoughts.