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I am currently renting out a property (I owned with an ex partner) with the mortgage companies agreement. I have purchased a new property with my current partner using the same bank but not ported my existing mortgage.

My question is once I need to re mortgage the property I am currently living in can I port the mortgage from the property I am renting out to my new property and get a BTL mortgage on my old property? I am paying such a good rate on this I would be silly not to keep it.

Or would I be better to sell my BTL property and buy another property and use the mortgage and port into a new property? I can only rent this property out for 2 years. Just in case my relationship doesn't work out!

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    Where are you located geographically? It's helpful to edit your question and add a location tag so answers can be specific to your country; I presume you're in the UK because of the buy-to-let reference, but I don't want to assume.
    – John Bensin
    Commented Jun 18, 2013 at 13:53
  • Did you read the mortgage agreement? It should tell you if its allowed or not. In the US it is seldom allowed on new mortgage precisely because of what you said: low rates.
    – littleadv
    Commented Jun 18, 2013 at 15:52

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The short answer is: ask your bank. They may allow you to port the old mortgage on favourable terms - and there's no harm in asking!

Assuming you're in the UK, I'd recommend against selling the rental property, in order to buy a new one, for two reasons:

  1. If you used to live in the rental property, then if you do eventually sell it in the future, you may be entitled to a reduction on any capital gains tax due (private residence relief). This is not the case if you let a property you've never lived in.
  2. To state the obvious: buying and selling is expensive, especially if you already have a rentable property.
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