Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Jet
    • By Jet 12th Jul 18, 1:41 PM
    • 1,518Posts
    • 974Thanks
    Jet
    Consolidating 2 x buy to let mortgages into 1/
    • #1
    • 12th Jul 18, 1:41 PM
    Consolidating 2 x buy to let mortgages into 1/ 12th Jul 18 at 1:41 PM
    I currently have 2 x buy to let mortgages.

    There is a possibility that I may need to live in one of those properties in the next year or so and it will become my main residence. My main residence currently is my partners property. The total amount of loan I have over the two properties is around 70% of the value of one property.

    My current lender just says I need to find the cash to pay one off and won't entertain the idea of me raising more on one property to pay off the other.

    Of course, I could just worry about it if I had to move in and then look at getting a residential mortgage to pay off the buy to let mortgage at that time. But it seems simpler to me to get everything done now as my buy to let mortgages are due for renewal at the end of August.

    Is it possible?
Page 1
    • kingstreet
    • By kingstreet 12th Jul 18, 1:52 PM
    • 33,678 Posts
    • 18,263 Thanks
    kingstreet
    • #2
    • 12th Jul 18, 1:52 PM
    • #2
    • 12th Jul 18, 1:52 PM
    Yep.

    A BTL remortgage will pay off both of the current ones. Subject to status, valuation, rental income etc.

    As usual an independent broker would be best first port of call.
    I am a mortgage broker. 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.
    • sal_III
    • By sal_III 12th Jul 18, 1:54 PM
    • 263 Posts
    • 235 Thanks
    sal_III
    • #3
    • 12th Jul 18, 1:54 PM
    • #3
    • 12th Jul 18, 1:54 PM
    Given the fact that residential mortgage rates are better than BTL ones, I would just re-mortgage the property i would make my primary residence at enough LTV to allow me to pay off the second property mortgage. If your current Lender is not happy with that, just find another.
    • Jet
    • By Jet 12th Jul 18, 4:36 PM
    • 1,518 Posts
    • 974 Thanks
    Jet
    • #4
    • 12th Jul 18, 4:36 PM
    • #4
    • 12th Jul 18, 4:36 PM
    Thanks both of you.

    Initially I would be in a position where I would have lost the rental income of one property and not have enough other income to warrant a residential mortgage for the amount I would need, I suspect. This would leave me living in a property with a buy to let mortgage with an unhappy mortgage provider and possibly not able to get a residential mortgage. I'm not sure. Obviously then I could try to increase my income and / or sell the other property but neither of those things will happen overnight.

    I have spoken to a broker this afternoon who will look into it for me.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

600Posts Today

6,109Users online

Martin's Twitter
  • RT @samgio1997: So glad you talked about the importance of taking out holiday insurance on this morning as a few years ago my auntie's pare?

  • RT @mmhpi: "Two years ago, I was in the fortunate position to be able to found @mmhpi... I?m incredibly proud of the work the team there is?

  • It means you should either have an annual policy in place, or book a specific single trip policy when you book https://t.co/oBDx8TmzQU

  • Follow Martin