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Is this 'doable'?
2 Years Time, Move to a BTL Mortgage (hoping it is within 75% LTV by then) and purchase a new property, taking the 5 year fix rate onto a second new purchase and put a BTL Mortgage on 1st purchase long term.
Different Lenders.
I am hoping its a yes but I presume all has to happen on same day? If not same day, I can have a porting gap of 6 months to complete on new purchase if I want to take the rate with me...
Comments
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@iamiam It may be doable but depends on the porting policies of the lender involved. Some lenders insist that the previous property be sold to be able to port, some will be ok as long as the old property isn't left on a resi mortgage, some will only do it if the BTL remortgage is with them.
I am a Mortgage Adviser - 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.
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Thanks, Lender is HSBC for current residential0
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Thanks, Lender is HSBC for current residential0
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@iamiam I know from experience that HSBC are (or were ok as per their porting policy at the time) ok with it as long as the porting bit was done direct and the BTL remo was at an "advanced stage" before the porting app went in. Can't speak for the other scenarios without running it past them.
I am a Mortgage Adviser - 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.
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They arent great when retaining properties as they dont allow the costs of the other property to be disregarded as a lot of lenders do.
So your new residential affordability has to cover 2 mortgages payments. They wont ignore background propeties until you hwve proven rent coming in
Also i think they restrict new resi to 75 or 80% ltv1 -
Ah right, so is two years rental not sufficient as rent coming in so can be disregarded?0
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Oops, missed that bit. Yeah that should be fine with bank statements and tax returns1
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Where are you trying to go with all your mortgage questions?
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42.4K POSTS vs 473 POSTS
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not sure what you are trying to say with that but if this is a just a learning exercise you need to start applying the lessons from previous question into the new ones.
If you have something real you are trying to do then better to put the whole picture in one post.
The issue you have is the answers change depending on contexts and I don't think you are making the connections from you future questions.
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