saintstephen
Registered User
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We have 2 investment properties
House 1 mortgage 127k (value 160K) bought off the plans Dec 2004
House 2 mortgage 142k (value 150k) bought Nov 2006
Both are interest only mortgages with first active.
In 2004 we took borrowed an equity release from TSB of 100k which comprised of 50k home improvements competed at the end of 2007 and 50k deposits for investment houses.
At present the remaining debt of the equity release is 39k, no other loans, our home is valued at 300k.
After reading the "FAQ" I am wondering would it be an option to approach the first active in regards to doing a "crossed mortgage" for the 2 investment properties thereby making our home mortgage free.
i.e. can I move the 39k to the investment properties and avail of the interest rate offset. We have no intention of remortgaging our home for any other investment.
Thanks
House 1 mortgage 127k (value 160K) bought off the plans Dec 2004
House 2 mortgage 142k (value 150k) bought Nov 2006
Both are interest only mortgages with first active.
In 2004 we took borrowed an equity release from TSB of 100k which comprised of 50k home improvements competed at the end of 2007 and 50k deposits for investment houses.
At present the remaining debt of the equity release is 39k, no other loans, our home is valued at 300k.
After reading the "FAQ" I am wondering would it be an option to approach the first active in regards to doing a "crossed mortgage" for the 2 investment properties thereby making our home mortgage free.
i.e. can I move the 39k to the investment properties and avail of the interest rate offset. We have no intention of remortgaging our home for any other investment.
Thanks