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Ask the Expert: Can I consolidate my buy-to-let loans?
Q: I have five buy-to-let properties, all with healthy capital/mortgages. I’d like to merge all the individual mortgages for the five properties into one and try and obtain a good rate.
Do you know of any lenders who would do this ?
Johnny Donaghy
Ben Thompson, director of mortgages, Legal & General
A: Johnny,
We are not aware of any lenders that will consolidate this into one buy-to-let mortgage as such. However, it ought to be possible to tidy this up with one lender, subject to criteria and ‘exposure rules’.
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Most lenders we deal with are worth trying, although Woolwich is the only lender that specifies that six properties might be possible under one roof. Other lenders do not want any more than 25% exposure or state that the decision is at the discretion of the valuer.
I would advise you to contact Woolwich and if you have no joy please contact me and I will ask my team to help you secure this.
All the very best.
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