remortgaging- not buy to let

pookie

Dear all,
Need some help. My existing tracker mortgage is coming to an end very soon: 27/10/2008. I've been keeping an eye on the mortgage offers but my problem is that this isn't my main residence. It was bought as my main residence but we had to move with my husband's job and with the property market doing odd things towards the end of last year we decided to let it out. I am currently with Britannia BS, who just charged me £100 to acknowledge that this is now a property which is rented out.
I have contacted Britannia and they're actually offering a mortgage for BOE base rate + 0.79% with £499 fee. I tried first direct who said as it is no longer my primary residence they were unable to offer me a mortgage, despite the fact that I haven't defaulted on payments once and they come out of my account by direct debit. Does anyone know of any other mortgage providers who are happy to offer decent rates for me without having to take out a buy-to-let mortgage (as it WASN'T bought to let)??
Thanks

minimike2

If you do not live in the property and it is rented out then it IS buy-to-let.

If Britannia are prepared to offer a new residential deal, knowing it is rented out, then you should take them up on it as you will not find anything else cheaper on a BTL product.

Toughluck

Are you for real. You benefit from having another property whether or not work committments were involved therefore you should NOT be getting residential rates. BTL rates aren't too bad and you need to make sure you have at least 20% deposit if you are looking to change lenders. But 5.79% with a £499 fee is good. Can't really see what you are going on at first direct for when you have the BTL deal of a life time.

Toughluck

sorry 5.29%!!

ukjoel

Hia - I am in identical situation as you. Bought house in 98, forced to relocated in 03 and bought second house. Both bought as residential and planned to move back to first house and never happened.

Have also been through your situation and would advise you rip their arm off and take it. I am currently paying over 7% on mine as its on their standard variable. I tried selling it in Nov 07 but a month ago decided it wasnt going to happen (despite taking offers 20% below asking price).

I phoned round (which you have yet to do) and despite mortgae being 40k on a 200k house nowone wanted to know.
Eventually my bank said they would do it but wanted 7.5% and £1500 fee so its staying as it is for the moment.

My guess is if u phoned Britania as a first time buy to letter they would laugh at you so grab it while u can.

Trillionaire

I would love that rate:D My BTL is with mortgage express and the rate is BBR + 1.75%:eek: I wish Britannia would take on my property:D