Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • lesterxburnham
    • By lesterxburnham 12th Jun 17, 8:35 PM
    • 43Posts
    • 0Thanks
    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
    • 40,589 Posts
    • 46,444 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
    • 15,713 Posts
    • 39,330 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
    • 31,728 Posts
    • 16,960 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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,618Posts Today

7,934Users online

Martin's Twitter