I own 2 properties : Property A and property B .
Only small mortgage left on property A and will be fully paid in 3 years , Bank A is not interested in changing any of the mortgage conditions , lost my job and had to move city hence property A is currently rented .
Bough property B 6 months ago with 25 years mortgage , my circumstance might change in 6 month time and my partner along with kids might need to live in City A for 1-2 years before returning back to city B . Asked Bank B if I can move all my mortgage to property A as it will be my PPR for this period and I will rent out rooms in property B as I still need to live in B and commute in weekends to city A .
I understand I can only have one PPR ,Therefore I asked Bank B if I can take up 1 mortgage for the 2 properties or balance the 2 mortgages between the 2 properties , so I could have let say 10 years on each or something similar . Bank B said they can't release equity of a property to pay off mortgage on different property , they normally release equity for building extension ,...etc
Is my ask doesn't make financial sense or it is only this bank that is not interested and I should shop around ? Bank B is currently offering good interest rate so didn't want to loose business with them really .
What would be best approach , to have a property mortgage free and one with investment interest rate or 2 medium mortgages ( one PPR and one investment ) ?
Thanks appreciate your feeback
Hak
Only small mortgage left on property A and will be fully paid in 3 years , Bank A is not interested in changing any of the mortgage conditions , lost my job and had to move city hence property A is currently rented .
Bough property B 6 months ago with 25 years mortgage , my circumstance might change in 6 month time and my partner along with kids might need to live in City A for 1-2 years before returning back to city B . Asked Bank B if I can move all my mortgage to property A as it will be my PPR for this period and I will rent out rooms in property B as I still need to live in B and commute in weekends to city A .
I understand I can only have one PPR ,Therefore I asked Bank B if I can take up 1 mortgage for the 2 properties or balance the 2 mortgages between the 2 properties , so I could have let say 10 years on each or something similar . Bank B said they can't release equity of a property to pay off mortgage on different property , they normally release equity for building extension ,...etc
Is my ask doesn't make financial sense or it is only this bank that is not interested and I should shop around ? Bank B is currently offering good interest rate so didn't want to loose business with them really .
What would be best approach , to have a property mortgage free and one with investment interest rate or 2 medium mortgages ( one PPR and one investment ) ?
Thanks appreciate your feeback
Hak
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