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Remortgage or buy-to-let? I'm confused
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Home_owner1
Posts: 4 Newbie
I recently moved in with my partner at her place where she has no mortgage. Having done the right thing and told ING Direct that I was moving and that my house was to let, they slapped a 2% increase on my payments. A bit steep, but I'm still on the fixed 4.85% until February 09, so 6.85 is bearable until then. Unfortunately the 2% will remain when I move to their standard rate which is 7%, so I'll be paying 9% unless I move. Aside from feeling totally ripped off and held over a barrel, i'm confused as to whether I need a buy-to-let mortgage, or whether I can still apply for a standard remortgage, as I have no other mortgage or rent commitments. Any ideas anyone?
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If you are not living in your property, and it is let out - you need a BTL mortgageI am a Mortgage AdviserYou 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.0
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