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I don't see much of a problem. Loan 2 will be for 2 different properties and the interest can be apportioned easily enough if both are IO. At some future point just refinance the bit relating to the first property by borrowing against the first property and paying this off.

Sorry Perthguy, I cannot understand what you have done. You said there was a main residence which was unencumbered. So you used this as security and borrowed to pay the discharge fees and some interest. I don't really see a problem here.