Asking for 2nd mortgage from same Bank

[jim]

Hi,

I am in the process of researching getting a 2nd mortgage for a 2nd property. The cheapest variable rate I can see is KBC and so I would like to go for them.

I already have a mortgage with them for the house I currently live in. The 2nd house would become my home and I would rent out the house I am currently in.

My question is this: If I start renting out my current house after I move to my new house would I revert to a higher rate with KBC as it would now be a buy to let property or is there some way I could avoid this happening?

If I were to draw down the mortgage with a different Bank and avail of a "moving house" rate with the 2nd Bank. Would I need to notify KBC so that they can up my rate on 1st house to the BTL rate? Or could they find out some other way?

Thanks,
Jim

 

[Brendan Burgess]

EBS is the best buy for buying a family home. 2% cash back with no restrictions. KBC does not pass on interest rate cuts.

It's likely that the KBC contract allows them to charge you a higher rate, but it's unlikely that they will enforce it.

Do you have a tracker with KBC? Would you consider moving it to your new home. You would have to sell your existing property.

Brendan