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    • lesterxburnham
    • By lesterxburnham 12th Jun 17, 8:35 PM
    • 32Posts
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    lesterxburnham
    HSBC - residential mortgage into BTL - 6 month rule?
    • #1
    • 12th Jun 17, 8:35 PM
    HSBC - residential mortgage into BTL - 6 month rule? 12th Jun 17 at 8:35 PM
    Hi,
    I've got mortgage with HSBC for over 4 years and I am looking to buy another property (and get another mortgage for that new property). I asked HSBC if I could convert my current mortgage into buy to let in such case. They replied that I will have to live in new property for 6 months before I can convert my first mortgage into BTL. They told me that in the meantime I can apply for consent to let on my first property, move to new property and then after 6 months of living in new property, convert mortgage for first property into BTL.

    I don't get it, why can't I convert my current mortgage into BTL right away? Why do I need to live in new property for 6 months? Or have I misunderstood something?
Page 1
    • G_M
    • By G_M 12th Jun 17, 10:33 PM
    • 39,602 Posts
    • 45,092 Thanks
    G_M
    • #2
    • 12th Jun 17, 10:33 PM
    • #2
    • 12th Jun 17, 10:33 PM
    I don't know the answer of why.....

    Either HSBC has misundertood your plans, or they've understood and those are their current rules/criteria.

    Why not transfer your current resi mortgage to a BTL with another lender?
    • FBaby
    • By FBaby 13th Jun 17, 6:52 AM
    • 15,497 Posts
    • 38,852 Thanks
    FBaby
    • #3
    • 13th Jun 17, 6:52 AM
    • #3
    • 13th Jun 17, 6:52 AM
    Because with HSBC, you have to own another property before you can get a BTL mortgage, and the minimum is 6 months. It is the case for most high street lenders but if you go via an independent mortgage providers, they will find some that don't have that requirement.
    • kingstreet
    • By kingstreet 13th Jun 17, 9:07 AM
    • 31,442 Posts
    • 16,806 Thanks
    kingstreet
    • #4
    • 13th Jun 17, 9:07 AM
    • #4
    • 13th Jun 17, 9:07 AM
    If you get consent to let first, what's the problem?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
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