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?