Hi
Could I please get people's advice here for the following which i'm currently looking into.
Currently have my only house on a 1.25% Tracker mortgage which I live in. As our family is growing we are looking for a bigger house.
Now I personal think it's a good time to start looking into buying a bigger house but don't want to sell my own place as I won't clear the existing mortgage and don't want to sell at the bottom of the market. So planning on renting out that house.
I have got mortgage approval in prinicpal for the 2nd house.
However will we lose our tracker if we rent our current house? How would they know? To be honest not planning on tell them unless there is some way they will find out? It's with BOSI.
Also thinking of getting them to extend the term of the mortgage on this property as I want to bring down the cost of the mortgage to ensure the rent covers it. I know I also have tax to pay on the rental income.
We have brought it in the mortgage from 35 yrs to 15 over the last 7/8yrs, so was planning on telling them we are now stuggling with repayments and want to extend it back out a bit to 20/25 yrs to remove some of the pressure. Will I be able keep my tracker rate if I do this??
Thanks for any advise you can give,
Could I please get people's advice here for the following which i'm currently looking into.
Currently have my only house on a 1.25% Tracker mortgage which I live in. As our family is growing we are looking for a bigger house.
Now I personal think it's a good time to start looking into buying a bigger house but don't want to sell my own place as I won't clear the existing mortgage and don't want to sell at the bottom of the market. So planning on renting out that house.
I have got mortgage approval in prinicpal for the 2nd house.
However will we lose our tracker if we rent our current house? How would they know? To be honest not planning on tell them unless there is some way they will find out? It's with BOSI.
Also thinking of getting them to extend the term of the mortgage on this property as I want to bring down the cost of the mortgage to ensure the rent covers it. I know I also have tax to pay on the rental income.
We have brought it in the mortgage from 35 yrs to 15 over the last 7/8yrs, so was planning on telling them we are now stuggling with repayments and want to extend it back out a bit to 20/25 yrs to remove some of the pressure. Will I be able keep my tracker rate if I do this??
Thanks for any advise you can give,