Have a resi mortgage now under CTL, want to buy a new home
muhandis
Posts: 994 Forumite
Hi,
We bought a house about 2 years ago. For a number of different reasons, living there just wasn't compatible with a new job that I took. So two months ago, we let out the house, got a CTL from our lender and rented a flat very close to work.
We don't intend to ever go back to this house and for some unfathomable reason there was a stampede of interested tenants and we got a very decent rent, so we would like to keep it as a buy to let. The current resi mortgage fix only ends in Oct 2020 and the plan is to remortgage to a BTL mortgage at that point.
Ok, so that's the background. We would now like to buy a flat to live in, much closer to the city. We have enough cash for a 15-20% deposit and the higher rate stamp duty. My question is, can we get another residential mortgage now or will we have to wait until the house is on a buy to let mortgage?
I called L&C to ask this a week ago but the person I talked to lost interest as soon as I explained the situation and never got back.
Any thoughts?
Thanks in advance,
K
We bought a house about 2 years ago. For a number of different reasons, living there just wasn't compatible with a new job that I took. So two months ago, we let out the house, got a CTL from our lender and rented a flat very close to work.
We don't intend to ever go back to this house and for some unfathomable reason there was a stampede of interested tenants and we got a very decent rent, so we would like to keep it as a buy to let. The current resi mortgage fix only ends in Oct 2020 and the plan is to remortgage to a BTL mortgage at that point.
Ok, so that's the background. We would now like to buy a flat to live in, much closer to the city. We have enough cash for a 15-20% deposit and the higher rate stamp duty. My question is, can we get another residential mortgage now or will we have to wait until the house is on a buy to let mortgage?
I called L&C to ask this a week ago but the person I talked to lost interest as soon as I explained the situation and never got back.
Any thoughts?
Thanks in advance,
K
0
Comments
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Yes you can, some lenders wont like it and its definitely a job for a broker. Just find one that cares!I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
Yes you can get a residential mortgage for the new purchase.
There should be no major complication if the rental income easily outstrips the current mortgage payment. But be aware not all Lenders will look favourably on the existing C2L when considering your new mortgage. Therefore a Broker is a must.
You can also expect to pay an extra 3% stamp duty land tax on the new purchase.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's a relief to hear that, thank you! I was worried that it wouldn't be doable when I didn't hear back from L&C.
K0
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