Moving into a property - buy to let mortgage question
I have two properties.
Both have buy to let mortgages, each property has approximately 75% equity.
I am considering moving into property A and would therefore need to get rid of the buy to let mortgage on that property or transfer it to a residential property mortgage.
My current mortgage lender, TMW, told me that I can't just transfer the current two mortgages to property B (I understand that there would need to be valuations and set up fees etc) and that the only option I have is to either pay off mortgage A with funds I already have (I don't), sell property B to pay off the mortgage or get a residential mortgage for property A.
Could I not just re-mortgage with another buy to let lender and then I could effectively pay off one buy to let mortgage on the one I want to live in?
I don't earn enough to replace the buy to let mortgage on property A with a residential mortgage. Would a residential lender consider the buy to let profit on property B as income?
Want to read more?
This is a members only forum, if you want to read more you need to login to your membership, if you are not a member, click here to join.