Opinions please!.Mortgage and 2x btl

niknak888 · 12 March at 9:00PM

Hi all,

I currently have 2 buy to lets and a residential mortgage which are all up for renewal within the next 12 months, however i'm not sure what to do, so I wanted to ask what you would do in my situation.

BTL Property 1, outstanding mortgage balance £235k - value £400k , currently rented at £1700 p/m ,fixed rate ends end November 2025

BTL Property 2, outstanding mortgage balance £200k, value £400k, currently rented at £1990 p/m, fixed rate ends end of March 2026

Residential property, outstanding mortgage balance £65k, value £700-750k, fixed rate ends end of September 2025

I'm currently unhappy with my current detached home and have been for over 10 years and want to move, rather to go through the hassle and time to get planning and dealing with trades people etc.

To move to a detached house in the area I want that has the spec i'm after, will be approx £750k- £1 mill

The stamp duty and fees for moving will be approx 50k-80k

My idea was to remortgage property 1 back to 75% LTV and pull out 65K of equity, for which I'd use to pay off my residential mortgage and be mortgage-free.

I'd get another interest-only mortgage for 300k for approx £1100 per month on a 4.5% interest-only mortgage.

Next, i'd remortgage property 2 back to 75% LTV and pull out 100K of equity and get a mortgage for 300k for approx £1100 per month on a 4.5% interest-only mortgage.

I'd use the 100k to add it to my £725k and have £825k to buy a new residential property. I would be willing to take on a small mortgage if needed.

In the unlikely scenario whereby if I found a property for under £700k, then I would have some money leftover to invest?

Are there any other questions, thoughts or considerations you would take into account if you were in my situation?.

Thank you in advance for your feedback