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!
Port a mortgage but keep the old property?
MrSquirrel
Posts: 3 Newbie
Hello,
I'm in the early stages of planning to move area, I don't want to wait about for my current properly so i've been thinking of a possible plan if anybody has any experience of this.
In theory could I port my First Direct mortgage to the new property (higher value so would need negotiated) and take out a BTL mortgage to take over my old properly to rent out both to take effect at the same time?
My current property is at 80% LTV but could work out around 70-75% with a revaluation (based off estimates, adding solar panels etc) so I would hope I could get a BTL, if not then another standard mortgage until its sold perhaps.
Thanks
I'm in the early stages of planning to move area, I don't want to wait about for my current properly so i've been thinking of a possible plan if anybody has any experience of this.
In theory could I port my First Direct mortgage to the new property (higher value so would need negotiated) and take out a BTL mortgage to take over my old properly to rent out both to take effect at the same time?
My current property is at 80% LTV but could work out around 70-75% with a revaluation (based off estimates, adding solar panels etc) so I would hope I could get a BTL, if not then another standard mortgage until its sold perhaps.
Thanks
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.2K Banking & Borrowing
- 254.7K Reduce Debt & Boost Income
- 455.8K Spending & Discounts
- 247.9K Work, Benefits & Business
- 605K Mortgages, Homes & Bills
- 178.8K Life & Family
- 262.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards