switching mortgages

[podgy]

At present have I three investment properties with ACC ( one interest only mortgage and the other two properties combined into one mortgage) Thinking of switching to another institiution and need some advice on the following

1. Should I keep all mortgages seperate for each property
2. What package and institution should I be looking at (preferably one that will pay solicitors fees on investment switches?)

 

[ClubMan]

Please . I had to move this from Mortgages and Home Buying.

 

[Hel_n]

Well it is a mortgage query? No? Clubman

Could you give a bit more info on you circumstances - vales of the properties, mortgages o/s, amount of new mortgage required?

1. By keeping all mortgages separate you may be able to avail of a lower interest rate if you go for a tracker based on the LTV. However, you will need a valuation of each property you are purchasing and if you are paying your solicitor it will be more expensive.

By combining the mortgages you will probably be offering one of your properties as security. If the value of the property can carry a loan this size it may be a good option for you - you would have one repayment each month and only one of your houses would be tied up. If you intend to sell any of the houses though bear in mind that if you choose a fixed rate you will be penalised for paying off lump sums.

2. You don't really say what you are looking for from your new mortgage - interest only, better rate? - but if you are looking for a company to pay your legal fees you would be looking at someone like EBS, Ulster Bank, Bank of Scotland, although most lenders are offering to pay legal fees now, even if they don't advertise.

 

[ClubMan]

Well it is a mortgage query? No? Clubman

In relation to three investment properties - ergo the Property Investment forum is the correct one for it. Hardly rocket science...

 

[Hel_n]

I just thought it was more a question in relation to podgy's mortgages rather than the investment properties but you're the administrator...

 

[ClubMan]

Property Investment for property investment, including investment mortgage, related queries. Mortgage and Home Buying for PPR related queries. The old forum byline descriptions used to make this clearer but they were changed recently.