Buy to Let and protecting existing Mortgage

specialagentorange

We are considering buying a 3 bed semi detatched house on a buy to let investment basis.
The property is worth 118000 to us as it needs attention, and will require a spend in the region of 12000 to bring it up to a suitable standard.
We are searching for an arrangement whereby the current mortgage on our home (valued at 240000)is protected as it has 10 years to run. The loan of 48000 is made up of 15000 on a interest only basis and the remainder on a repayment.
Can we obtain a mortgage which ringfences our current arrangements but still allows us the ability to secure a mortgage of 130000 extra?
If it can be done can we do it at non business rates?

MarkyMarkD

I don't understand what you mean by "ring-fencing" or "protecting" your existing mortgage.

A mortgage is a liability, not an asset.

So how can it be "protected"?

You can doubtless get a further advance on your existing mortgage, at a relatively reasonable rate, or remortgage the whole thing (including the existing mortgage), at a better overall rate.

If you set up the new mortgage on a part-repayment basis, it can match the existing one regarding repayment dates etc.