Advice - switching two mortgages

S

Sydney100

Registered User
Messages
103
Hi

A bit clueless when it comes to money matters but I was wondering about switching mortgages on my two properties maybe to one lender to get a better deal. Heres my details.

Property one - Investment (bought 2005)
IIB - 157,500 pver 30 years
APR 3.44
I pay about E715 per month on this interest only

Property Two (living in bought 2006)
First Active - 317K over 30 years
Interest rate - 4.54% fixed
Loan type (fix 4.54% until 30/11/08-rvts to ECB + 1.15%
On Interest only at E1200, once I own this apt for two years in October I plan on moving and renting it out and keeping it on interest only.

Should I change mortgages now or wait until the 2nd property is rented out are there charges, solictors etc involved when moving mortgages


All advice appreciated, should I go to a broker to do this or approach lenders myself?
 
why not wait until the fixed period is up? How much are your properties worth? Its impossible to know what your best options are without knowing the current market value f your properties, esp property 2. Was this bought in 2006 - coz there is a danger of it being worth less than what was paid for it!
 
How much equity do you think you have in the property?
How much do you currently earn?
Do you have any other saving/assets or debt?

These simple question my help people give you better advise.
 
Both properties are worth more than mortgage as the second property I bought off plans in 2004 just took two years to build. So I suppose conservatively with price slumps I have about 50K in first house (total value 200K) and about 60K in second (approx 400K). I earn approx. 75K on average, this year have earned 90K (self employed).

So my plan is to rent out both properties long term, at least 10 years if not more.

have about 5K in savings and no debts or loans
 
the rates you have are excellent, it might be best not to touch either of them because you won't be able to get a similar deal on the market today. when you move out where are you moving to? a new gaffe for a rented one? as well - if you are an owner occupier and didn't pay stamp when you bought the second place then there will be a stamp liability if you move out and rent it, talk to a solicitor about this.
 
no they're won't be stamp duty as I'm not moving out until I own the place for two years (new budget 5 yer clawback changed to two years) moving in with boyfriend when I move out.
 
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