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is this possible?
longwalks1
Posts: 3,850 Forumite
im currently buying a property (20 years left - just renewed with FD fixed for 5 years mtg) and am wondering if in a years time I could port the mortgage across to another property (they've said this is ok) to live in. I want to keep my exisiting propery and take out a BTL mortgage on it and let it out as its in a great location. My figures are roughly as follows:
Current property value: £180,000
Mortgage remaining: £100,000
Looking to spend £200,000 on new place to live, and will have £25,000 for deposit etc by then (plus i guess some capital i can free up from current mtg).
Just an idea/thought at present so any advice if this can be done greatly recieved
Thanks in advance
Current property value: £180,000
Mortgage remaining: £100,000
Looking to spend £200,000 on new place to live, and will have £25,000 for deposit etc by then (plus i guess some capital i can free up from current mtg).
Just an idea/thought at present so any advice if this can be done greatly recieved
Thanks in advance
0
Comments
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if the rental income is sufficient to justify the BTL mortgage on your current property I don't see why not.
Remember that porting your existing mortgage will be dependent on it meeting the mortgage criteria. So if you have just taken the 4.99% 5 yr fix with FD, the lending criteria includes a max of 2.5 times your salary and a max of 80% LTV.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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