A Pointer in the right direction please?

payingfornowt

Hello, I am looking for some help from you guys if possible please.
My partner purchased a BTL investment that didn’t work out and for the last year we have been living in the property on a BTL mortgage. It is currently mortgaged in her name only.
Now we could do with remortgaging the property as the fixed deal runs out in August (Great timing I know!).
The current mortgage is for £112k and we estimate the value of the house to be around £115k but obviously this is objective and can change.
I earn £30k per year and my partner earns £21k per year and we have unsecured debts of around £15k between us of which we make repayments as scheduled and the outgoings come to about £700 per month.
I want to know what the chances of us mortgaging the property are. Would it count as a new mortgage (first time buyer)? Or would it be a remortgage?
Realistically, could we even get a mortgage right now? If not we need to offload the house and get renting for a bit.
I have had some great advice here before… hoping for much of the same.
x

_Andy_

With the lack of equity you won't be able to remortgage to another company.

silvercar

Ask your current lender to transfer you to a residential mortgage when your deal finishes. It could be a lower rate.

payingfornowt

Thanks everybody... getfinancealexjames, current lender is a company called Rooftop Mortgages. Not sure if they are still trading under that name though, when I looked at their website they looked closed for business.

feisty1

silvercar wrote: »

Ask your current lender to transfer you to a residential mortgage when your deal finishes. It could be a lower rate.

???? 97% LTV I don't think so............

payingfornowt

Thanks for all your help! I think the "standard rate" at the end of the fixed term may not be too bad at the moment either.

silvercar

payingfornowt wrote: »

Thanks for all your help! I think the "standard rate" at the end of the fixed term may not be too bad at the moment either.

You are probably right, with interest rates so low, you can expect the SVR to be low. Often, though not always, the SVR for a residential mortgage would be lower than for a BTL, so worth letting them know the change in circumstances.