We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Switching From 'buy to let' to 'residential'
sharrdex
Posts: 2 Newbie
Hi, i have got a buy to let property and looking to switch to residential. Does anyone know how to go about it, the implications and all i need to know?
Also, i have got a fixed rate mortgage at the moment, is it worth switching in order to benefit from the cut in interest rate or just stick with it as i have got a year to go on the deal.
Your advise will be greatly appreciated.
Also, i have got a fixed rate mortgage at the moment, is it worth switching in order to benefit from the cut in interest rate or just stick with it as i have got a year to go on the deal.
Your advise will be greatly appreciated.
0
Comments
-
You just apply for a new mortgage. You need to weigh up whether the saving in interest rate (if any) is greater then the penalty of surrendering your BTL mortgage.
As long as you carry on paying the mortgage, the lender won't care that you are not actually letting it out even though it is currently a BTL mortgage."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
Not in light of getting away with not paying interest for 2 years?0
-
So should i just wait till teh 2 years fixed rate is over? the reason i want to change is jsut to see if i can benefit from this interest rate cut and also cos i intend to live in the property. DO i have to go through a new appliaction to be able to switch to residential or is it a basic process?0
-
Speak to your lender. I suspct getting a new lower rate is going to cost you, if it's possible at all.0
-
As I previously posted, you don't need to switch just because you want to live in the property yourself....the reason i want to change is jsut to see if i can benefit from this interest rate cut and also cos i intend to live in the property. DO i have to go through a new appliaction to be able to switch to residential or is it a basic process?
If you want the 2 years no payment plan, enquire if they are happy to provide a 2 years payment holiday. Not best plan usually as the unpaid interest just gets added to the loan and then you pay interest on the interest!
If you stay with the same lender, a revised mortgage is often achieved by signing a deed of variation (don't worry, your lender will supply the necessary form). If you go to a new lender, then yes, you will have to make a new application."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards