Switching Mortgage to new property

[TLC]

Any advice about switching my mortgage? MOrtgage is currently on my family home, but I want to switch to another property which I own outright & is currently rented. I have an interest only mortgage on my home & the mort. would be approx. 50% of the value of the rented property. Anyone any suggestions as to:
Best rates available - which company?
Best way to switch - without taking out a new mortgage - is this possible?

All suggestions welcome

 

[ClubMan]

but I want to switch to another property which I own outright & is currently rented.

Why would you switch mortgages in this way? If the idea is to set mortgage interest against rental income then you cannot do this. You can only offset interest on loans used to purchase/renovate a rental property against rental income. Since you already own the rental property outright this is not possible now - i.e. you cannot raise further funding secured against the property and offset the interest against rental income.

 

[TLC]

What I want to do is switch the mort. to the rental property - which is paying for the mortgage anyway - & have our home mortgage free. I intend to sell our family home & buy another more expensive family home. I wouldn't need to raise anymore money to do this. I want to know if there is a less expensive manner than going through the whole process of taking out a brand new mortgage & all that this entails - which is what I would have to do if selling the current family home on which the mortgage is raised - is there a way of doing this?

 

[ClubMan]

What I want to do is switch the mort. to the rental property - which is paying for the mortgage anyway - & have our home mortgage free. I intend to sell our family home & buy another more expensive family home.

Still makes no sense to me. I see no benefit in switching the mortgage.

 

[mf1]

What I want to do is switch the mort. to the rental property - which is paying for the mortgage anyway - & have our home mortgage free. I intend to sell our family home & buy another more expensive family home. I wouldn't need to raise anymore money to do this. I want to know if there is a less expensive manner than going through the whole process of taking out a brand new mortgage & all that this entails - which is what I would have to do if selling the current family home on which the mortgage is raised - is there a way of doing this?

I'm with Clubman on this.

Since there is no benefit to you in doing this, why do it? What difference does it make?

If its because you want to sell family home and not have any mortgage on it, i.e. so you're proceeds are all available for the new purchase, then what you do is mortgage the investment property and use the funds to pay off your family home mortgage. Or do all the transactions when selling and buying the family homes.

I don't think there is any other way of doing it.

mf

 

[TLC]

I have made a few enquiries about mortgaging the rental property with our current lender Bank of Scotland Ireland & they have informed me that unless we have at least 2 rental properties they do not do buy to let - although they do advertise it on their website - only noting "subject to terms and cnditions". The reason I made the inquiry about switching the mortgage was to cut down on costs, but it appears that even to switch the mortgage from one property, with no other changes i.e. term, amount etc. to another property involves the same documentation & costs as starting from scratch. Perhaps I would be just as well to take out another interest free mortgage on the new family home I intend to buy & leave the rental property mortgage free.