Buy to let remortgage help

[tricky69]

I currently have a mortgage on my flat which has run out... i was thinking about renting the place out so need a buy to let mortgage is that right ?

But can i remortgage to a buy to let mortgage ? Have had a look and resalised that for all the buy to let mortgages i need a sizable deposit... is there a way round that seeing as i am remortgaging ?

[Eric Mc]

Have you finished your mortgage then?

[scotal]

tricky69 said:

I currently have a mortgage on my flat which has run out... i was thinking about renting the place out so need a buy to let mortgage is that right ?

But can i remortgage to a buy to let mortgage ? Have had a look and resalised that for all the buy to let mortgages i need a sizable deposit... is there a way round that seeing as i am remortgaging ?

Give it 5 you'll have mail.

[tricky69]

Eric Mc said:

Have you finished your mortgage then?

Yeah 2yr fixed rate ended about a month ago... was going to sell it but was looking at other options

[Eric Mc]

It sounds to me that you HAVEN'T finished your morgtage?

It sounds like your current lower fixed rate term has come to an end and you are moving to a new higher rate.

Is that the situation?

[tricky69]

Eric Mc said:

It sounds to me that you HAVEN'T finished your morgtage?

It sounds like your current lower fixed rate term has come to an end and you are moving to a new higher rate.

Is that the situation?

Correct, but want a buy to let mortgage instead of a normal remortgage

[Eric Mc]

I am no mortgage expert but if you want to switch the nature of the loan and the nature of the property, you will need to negotiate with your existing lender or try to find a new one who will acommodate your needs.

From what I have heard, the choice of buy to let mortgages has plummeted of late.

[splodge s4]

Eric Mc said:

From what I have heard, the choice of buy to let mortgages has plummeted of late.

Theres still loads out there but your restricted by loan to value (size of mortgage to value of house) and the calculation of rent to cover mortgage payments. Often the rent needs to cover the mortgage by 125% (though shop around for better options) so on alot of flats this wont stack up.

Alternatively speak to your existing lender, tell them what your thinking of doing and as long as its your only mortgage (so your not an investor with lots of houses) they may let you keep a decent residential rate & allow you to let it for a year or so. Its worth asking them before looking at BTL deals.

[scotal]

Eric Mc said:

From what I have heard, the choice of buy to let mortgages has plummeted of late.

It had, but rates are currently falling, and LTV's are rising. However fees can be a bit eyewatering.
The big problem has been getting affordability to fit, but that is also now becoming easier.