Have any of you converted two flats back to original house?

[SE13Mummy]

We own both the flats that form the house we would one day like to have as our family home.

At the moment one of the flats is being rented out to a member of my family and so we have a buy-to-let mortgage on it but would like to have a single mortgage in the near future.

We bought one of them nearly 10 years ago, the other nearly 5 years ago and paid very reasonable prices so the mortgages we have are low even given the current state of the market. Does anyone know how we go about persuading someone to offer us a single mortgage for two flats?

Do you live in one of them? If so, and you have enough equity, can't you wait until the BTL mortgage comes to the end of its tied in period and then transfer the mortgage onto your residential mortgage. So, if you you have BTL mortgage of, say, 50k and the flat is worth 75k, and you have a residential mortgage of 75k on the flat you live in and the flat is worth 120k, you end up with a mortgage of 125k on a property worth 195k. As long as you can afford the repayments, I don't see there is an issue.

We do live in one of the flats, yes. We're out of the tie-in period on the BTL but are only paying £75 per month on the mortgage so don't want to massively up our payments just yet! From what you've said it seems as though it would be possible to have a single mortgage for what amounts to two properties... have you had experience of this?

No, I haven't experience but you would have to unite the two properties first. Or, as explained above, if there is enough equity in one of the flats, you can just remortgage that and lose the mortgage completely on the other (which is what I would do on the BTL flat, combine your residential mortgage with that one so that you can deduct all the interest from the rent for tax purposes).

Thank you!