Quick mortgage question - Residential or BTL?
Discussion
I currently have a property which I bought, lived in and now rent out (I moved overseas). The mortgage is a residential one and I have consent from the lender to rent it. However two years have passed and I've no plans to return to the UK but still wish to own the place. Also the mortgage deal is up. Now to remortgage do I have to switch to a Buy to Let one? I've not approached the lender yet. As I still have consent to rent.
If you are going to move it to a new lender then it would have to be a BTL product as no new lender will provide you with a residential mortgage and then grant immediate consent to lease.
Your best (and only) bet is to approach your current lender, but they may want to review the current arrangement before they give you a new product.
Living abroad is not going to help you at all.
Do you know what your lenders SVR is? It may be better to just allow the product to move on to that rather than rock the boat?
Your best (and only) bet is to approach your current lender, but they may want to review the current arrangement before they give you a new product.
Living abroad is not going to help you at all.
Do you know what your lenders SVR is? It may be better to just allow the product to move on to that rather than rock the boat?
Rich_AR said:
I currently have a property which I bought, lived in and now rent out (I moved overseas). The mortgage is a residential one and I have consent from the lender to rent it. However two years have passed and I've no plans to return to the UK but still wish to own the place. Also the mortgage deal is up. Now to remortgage do I have to switch to a Buy to Let one? I've not approached the lender yet. As I still have consent to rent.
Does the consent have an expiry? If not and if you can sit on a reasonable SVR, you might find it easiest to sit on that.Ex-pat mortgages are quite constrained at the moment, so you may find your current deal is the best you'll get.
scotal said:
Does the consent have an expiry? If not and if you can sit on a reasonable SVR, you might find it easiest to sit on that.
Ex-pat mortgages are quite constrained at the moment, so you may find your current deal is the best you'll get.
Thanks for the replies.Ex-pat mortgages are quite constrained at the moment, so you may find your current deal is the best you'll get.
The lender simply asks for the renewal of consent every 6 months no real expiry, I just sign and return it saying yes it's still rented.
SVR isn't great, rent just covers the payment.
Gassing Station | Finance | Top of Page | What's New | My Stuff